I purchased house in 1975 then added wife's name to title in 2008 ,we bought another house to live in while renting out old house so we have income ( self funded retirement) been rented for about 2 years ,do we pay CGT on the sale of the property ? as we are thinking it is better to sell it.
in 1975 I paid 39K and its worth about 1.8 mil.
Hi , Thanks for your reply , what would happen if I removed my wife's name from the title?
Would it revert back to my single ownership bought in 1975
Thanks for your help
You don't as your ownership share of the house is a pre-CGT asset (purchased before September 1985).
It would be a CGT event for your wife, as she acquired her ownership share of the house in 2008.
If sold , 2 options for wife.
Treating former home as main residence | Australian Taxation Office
Hi , Thanks for your reply , what would happen if I removed my wife's name from the title?
Would it revert back to my single ownership bought in 1975
Thanks for your help
Transferring her share back to you is a CGT event. She is disposing of her share. Link explains
Transferring property to family or friends | Australian Taxation Office.
You would then have an ownership share from 1975 and the balance of the ownership held by your wife as from the date it is transferred back to you.
Hi , Thanks for your answer, it's a really unfair system as I thought I was doing the right thing by adding my wife's name to the title.
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