B
Buddy
Guest
My Partner & I are purcasing a home to live in - secondhand hse. I have owned a hse before. The cost of the house is 300, 000. We want to avoid paying stamp duty. My partners income will only allow a mortage of 150, 000 so if I give her the balance of 150,000 (in whatever way) she will be caught for gift tax. If my name is associated in any way with the house we will have to pay stamp duty - even if it apears on the banks details - so I am told.
Her father has given us a site worth 200,000 & we plan to build in approx 2/3 years. I am told if my partners name is associated with a home at the time of the gift - she will be liable to pay tax.
Should we get the site signed over now - before we buy the house & then let the house be put in her name. What are the tax/stamp duty implications ? what are our options ? what is the best course of action to take. My current salary is good & we have good savings -
Her father has given us a site worth 200,000 & we plan to build in approx 2/3 years. I am told if my partners name is associated with a home at the time of the gift - she will be liable to pay tax.
Should we get the site signed over now - before we buy the house & then let the house be put in her name. What are the tax/stamp duty implications ? what are our options ? what is the best course of action to take. My current salary is good & we have good savings -