Hi there,
Hoping someone can assist. I own 2 properties with my sister 50/50 and she wants to sell one of them. I don't have a problem with selling. She suggested removing me off the title of the investment property and her off my principal place of residence (PPR). I'm trying to understand what the implications are as the State Revenue Office (SRO) and their website aren't helpful to me - doesn't seem clear cut for my situation.
Are we better off changing the titles over prior to the property going on the market or post?
If I am correct, I won't be up for Capital Gains Tax for my PPR however she will be. I'm guessing I will have to pay stamp duty (50%) and transfers costs. She resides in the U.S. so I'm guessing she'll be taxed as a foreign investor? I have a feeling, it's going to get nasty.
Hoping someone can assist. I own 2 properties with my sister 50/50 and she wants to sell one of them. I don't have a problem with selling. She suggested removing me off the title of the investment property and her off my principal place of residence (PPR). I'm trying to understand what the implications are as the State Revenue Office (SRO) and their website aren't helpful to me - doesn't seem clear cut for my situation.
Are we better off changing the titles over prior to the property going on the market or post?
If I am correct, I won't be up for Capital Gains Tax for my PPR however she will be. I'm guessing I will have to pay stamp duty (50%) and transfers costs. She resides in the U.S. so I'm guessing she'll be taxed as a foreign investor? I have a feeling, it's going to get nasty.