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Thank you Shwing.
Thank you Crusher for your tips……Will check those details ASAP.
“The answer is already “No”……Unless you ask!!
Sorry Mortgage Hunter, perhaps I should elaborate.
We have two I.P.s excluding the property owned by the inlaws.
They wish to give us this house but are concerned by the ramifications of this gift. Yes, the house has realised significant capital growth (approximately $230,000.00) since they first built it.
They are in their late 60’s and do not wish to be penalised with heavy CGT.
Is it possible to “purchase” the house at below market value (say $5000.00) to negate the “gift” status?Is there something our accountant can do to alleviate these fees?
(And is ALL chocolate bad for you?!)
Thanking you,
James
“The answer is already “No”……Unless you ask!!
Hi,
Thanks Dazzling and everybody else that responded to our post…we appreciate you taking the time.
We understand what you are saying. At present we have not had any experience with commercial property.We have started with basic residential to get our feet wet. Our next move is to seek pre-approval and we will go from there…
On the block of land where the old units have sat for many years a local developer is in process of negotiating for a new shopping centre.
We really enjoy this site and will continue to share our journey with you.
Cheers
Bangers
“The answer is already “No”……Unless you ask!!
