Hi All,
I'm looking for some advice on the tax implications of the following;
My husband and I own an investment property which was bought in 2002. If we transfer half of this property to my parents as a gift what taxes will be owed? From what I can gather half the normal rate of stamp duty will apply. My husband and I will have to pay capital gains on half the current profit even though the property is not being sold. Is there a gift tax implication from my parents point of view and if so can this be offset against our CGT bill as it is part of the same transaction? Any idea how much a solicitor would charge? If my parents take on half the outstanding mortgage will this make any difference?
Any advice would be welcome as so far accountant and solicitor are giving different information and even Revenue seem unable to give my the full story. Thanks!
I'm looking for some advice on the tax implications of the following;
My husband and I own an investment property which was bought in 2002. If we transfer half of this property to my parents as a gift what taxes will be owed? From what I can gather half the normal rate of stamp duty will apply. My husband and I will have to pay capital gains on half the current profit even though the property is not being sold. Is there a gift tax implication from my parents point of view and if so can this be offset against our CGT bill as it is part of the same transaction? Any idea how much a solicitor would charge? If my parents take on half the outstanding mortgage will this make any difference?
Any advice would be welcome as so far accountant and solicitor are giving different information and even Revenue seem unable to give my the full story. Thanks!