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 CGT on residence sold at arms length.
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By: wseeto1974
18/01/2008
4:15 pm Yahoo! Profile:
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You could do this. The tax man will deem you to have transferred this at market value. Most of it should be CGT free, so long as the date of transfer and change in principal place of residence coincides.
You also need to consider stamp duty and having to pay this.
I gather you are trying to shift the income stream to your name for the rental property? If you are, weigh up the cost of stamp duty etc to the tax savings, you may find out it is not worth it.
And, finally you may want to consider just selling the property altogether, and using the monay to pay off your new house, and then buy a new property fully geared. This may be the best use of your equity in the houses. |
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By: d1pth0ng
10/01/2008
4:52 pm Yahoo! Profile:
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G'day,
I was wondering what the CGT implications are when a principal place of residence is sold to the other partner. Our situation is:
- before we met my partner owned our apartment in full and has lived in it since buying it.
- we met, got married and lived in the apartment for several more years.
- we now want to buy a new property that we intend to move into.
- we need to sell the apartment so as to help pay for the new property.
- we also want to keep the apartment as a rental property.
Is it naive of me to believe that my partner can sell the property to me (for fair market value) and be exempt from CGT? This would be because my partner has owned the property outright and lived in it for the entire period of ownership - I am not mentioned on the ownership papers, nor did I contribute in any way to the cost of purchase. |
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