Hi,
My client's father will be transferring his property to her and to her sister. He purchased the land and and built 1983. Does she has to pay capital gains? How much would we be looking at for transfer stamp duty.? Does she require a property valuation company or can I use the bank?
Regards,
Antonette
My client's father will be transferring his property to her and to her sister. He purchased the land and and built 1983. Does she has to pay capital gains?
Only if it is sold later on for more than the cost base, assuming it is not her main residence.
How much would we be looking at for transfer stamp duty.?
That will depend on where the property is.
Does she require a property valuation company or can I use the bank?
It would be prudent to get a proper valuation in order to get the cost base correct + not run into troble over stamp duty.
My client's father will be transferring his property to her and to her sister. He purchased the land and and built 1983. Does she has to pay capital gains?
Only if it is sold later on for more than the cost base, assuming it is not her main residence.
How much would we be looking at for transfer stamp duty.?
That will depend on where the property is.
Does she require a property valuation company or can I use the bank?
It would be prudent to get a proper valuation in order to get the cost base correct + not run into troble over stamp duty.
Hi Bruce,
Thank you.
The cost base if she sell it later on is the market value as per the date of transfer. is that right?
Regarding stamp duty, the value of the property is Valuation in that area is between $290 000 - $360 000.
Thank you.
Hi,
The property that will be transferred has always been a rental property when her dad purchased it and built it in 1983.
Will it not be subject to capital gain becuase it was a pre-CGT asset and even though there is no roll over provision that applies to this property?
Regards,
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