All Topics / Help Needed! / How much stamp duty

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  • Profile photo of dirk digglerdirk diggler
    Member
    @dirk-diggler
    Join Date: 2008
    Post Count: 2
    March 8, 2008 - 3:25 pm

    I have an IP that is only in my name and I want to sell the property but I will be hit with a large tax bill. I am planning on adding my partner to the title so I can split the CGT between the both of us.

     

    Does anyone know how much stamp duty I would have to pay if I add my partner? I purchased IP for 105k and the property is now valued at 400k, I would have paid the original stamp duty on the 105k.

    Profile photo of raddlesraddles
    Member
    @raddles
    Join Date: 2006
    Post Count: 187
    March 8, 2008 - 9:16 pm

    Hi there
    don't know which state you are from – but you may wish to contact either a solicitor or conveyancer to discuss this with.

    My understanding is you can add your partner – stating the consideration is love and affection – and pay no stamp duty provided you comply with the relevant requirements – stat decs etc

    You may also like to consider the option mentioned in the March API magazine – which suggests if you move into your IP for a period and make it your principal home – you can take advantage of the CGT exemption on a principal home – and not pay CGT

    thanks

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