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Talking Frog
My wife and I own half of our house and another family member owns the other half. If they gave us their share
what would the value of their part of the property be for calculating capital gains? Would it be half the value of the whole house or would it be the current market value of selling to someone half a house with people living in it already? How do we know? Thanks Additional Details The house is not going to be sold but given as a gift so that we can continue to live in it. The deed would need to be changed so that a real gift has taken place and then we can also miss out on death duties in years to come.
Wouldn't there be a gain that could have been realised and should have been counted as such even though no sale was actually made?
The CGT value would be the percentage share of the current market value that your other family member owns - I guess 50%.
The gift itself is a reportable CGT event and it is your other family member who is liable.
The market value would be provided by a Chartered Surveyor. Explain the situation to them and they will provide you with the proper valuation. It is quite common :)
Your half of the house (assuming it is your home?) is not liable to CGT nor will any future share of it.
MISSY G
Ask a solicitor for advice
Patience O
it would be the current market valve of selling to someone half a House with people living in it.
James
They are just going to give it to you? If you have the same last name you can get around Capitol gain tax as it is called something else. Check local laws.....
If someone gave you say $100,000 worth of Real Estate you would have to claim that and the government wants 33% for the capitol gains tax...
Call your tax person and they will be able to answer any specific details..
Good luck
Little Bear
if they have given you it ie as a girt, make sure you get that in a formal solicitor's agreement and in writing so they can't come back to you in years time, say after a fall out and demand half their house back. Sounds harsh but better to have it covered.
Onestep downfrom God
Yes it is a chargeable event for CGT, but there may be some SMR relief. Does your relative also live in the house? Is it their SMR?
See an accountant before you do anything.
I don't see how this avoids IHT since you will be increasing your estate.
srracvuee
this is a job for your solicitor
J P
Are you selling the house? I don't think you'd have to worry about it if you aren't, as there are no actual realized gains until you sell.
If you're selling the house, then just take the total value of the captial gains you actually receive.
Dnefuu
I think you would be further ahead to at least purchase the property for a small sum of money as then it would have a paper trail and be legal. I think the value would be that of an existing detached home if the people will continue to live there it is still 2 properties.
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