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cvb
Guest
HI,
Ive recently been given the use of a property which will in the next few years be transferred to my name. The house is in need of modernisation and I plan to also extend and fit it out to a high standard while doing so.
In terms of the gift tax and the valuation of the property, am I better off waiting to do the work until the property is transferred? - i.e. will I have to pay more gift tax as the value of the property will be higher if I was to do the work before the transfer of ownership goes through?
If I was able to prove that I applied for a loan and it was used on the improvements of the building can this be taken into account when calculating the gift tax?
thanks
Ive recently been given the use of a property which will in the next few years be transferred to my name. The house is in need of modernisation and I plan to also extend and fit it out to a high standard while doing so.
In terms of the gift tax and the valuation of the property, am I better off waiting to do the work until the property is transferred? - i.e. will I have to pay more gift tax as the value of the property will be higher if I was to do the work before the transfer of ownership goes through?
If I was able to prove that I applied for a loan and it was used on the improvements of the building can this be taken into account when calculating the gift tax?
thanks