Hi All,
im looking at purchasing my mothers investment property from her and wondering what the best way to go about this would be.
she currently has $200k owing on it and its valued between $350k – $380k. purchase price was $117k
2 ideas i had are:
* take out investment loan for the whole amount and purchase like normal property
* take out investment loan for $250k, that will pay out her loan and give her $50k cash. then the rest to be paid to her week by week.
she will also need to pay capital gains tax so im unsure how this will effect anything.
thanks in advance
Made_Man
Hi MM
Stamp duty will also be payable on the value, not the price you actually paid.
Either way can be structured by a good property lawyer.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
If CGT applies, this would be calculated at market value. You will need a valuation for stamp duty purposes.
Consider possible effects on social security paynents if applicable.
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
they have decided to keep the property now but thanks for you help anyway.
cheers,
Made_Man
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