My parents purchased a home 4 years ago as an " investment property ", not their primary residence. The house is against their primary residence. I have been paying all expenses for this home by transferring the mortgage amount to my parents each week and all other expenses rates etc.. directly to the service. I have been living in this home and I have also renovated this home with money from the mortgage for the house and completing the Labor work myself. My parents told me that once they sell this home I will be gifted the profits of this as they havnt paid for anything or done any work. My parents are telling me I will need to pay the capital gains once the house sells.... the house has doubled in price.. the capital gains is estimated around 90k. Is there a way around this? As my parents won't actually be profiting off the sale.
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There's insufficient information, @Melissa92jade , to be certain except to say that "I will need to pay the capital gains" isn't technically correct - it's your parents' property and they will need to pay any CGT.
But given it seems you've been paying everything, that's where it gets interesting: what have they been declaring (income from you) and claiming each year?; have you been paying market rates?; what capital items can be used to adjust the cost base (what receipts do you have?; and how have you charged your parents for your labour?
A qualified tax professional would probably be rather useful in this case.
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There's insufficient information, @Melissa92jade , to be certain except to say that "I will need to pay the capital gains" isn't technically correct - it's your parents' property and they will need to pay any CGT.
But given it seems you've been paying everything, that's where it gets interesting: what have they been declaring (income from you) and claiming each year?; have you been paying market rates?; what capital items can be used to adjust the cost base (what receipts do you have?; and how have you charged your parents for your labour?
A qualified tax professional would probably be rather useful in this case.
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