My husband and I own my mothers house and she owns ours. We are looking to 'swap' back, so that essentially we each own our own properties – will we have to pay stamp duty (market value) on both properties? Is there a way around stamp duty, can we 'sell' our houses back to eachother for $1 or something?
Seek professional advice. There may also be a CGT liability on one or both of the houses. You have not given enough information.
Why not leave ownership as is. Legals, stamp duty and CGT will kill you. If you are concerned about succession planning you could set up something in your wills.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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