A
aisling
Guest
Hi there,
My parents live in their own home but my Dad's own house is located beside them. They are both retired now and have the old aged pension and their own private pension. They do not want to sell the house outside the family, but as a result have all this potential equity tied up which could be making their retirement much easier financially. They will sell to one of the family ( 3 sons and 1 daughter) and I like this idea that they can benefit financially from the property. Is there a tax efficient way of carrying out this transaction? My concern is the possibility of any of the parties involved having to fork out a significant amount in either gift tax, stamp duty or capital gains. What are the options?
Kind regards,
Aisling
My parents live in their own home but my Dad's own house is located beside them. They are both retired now and have the old aged pension and their own private pension. They do not want to sell the house outside the family, but as a result have all this potential equity tied up which could be making their retirement much easier financially. They will sell to one of the family ( 3 sons and 1 daughter) and I like this idea that they can benefit financially from the property. Is there a tax efficient way of carrying out this transaction? My concern is the possibility of any of the parties involved having to fork out a significant amount in either gift tax, stamp duty or capital gains. What are the options?
Kind regards,
Aisling