I am curious about any conveyance, tax or other implications involved with buying out a partner in a commercial property investment? There are presently two owners, each holding 50% shares in the property. One partner is in need of selling their half. The partners are related by marriage, if that makes any difference. The “buyer” is willing to give the “seller” a payment based on the property’s fair market value.
What are the potential tax implications? Associated costs? Any tips or tricks that may minimize the costs?
Thank you all in advance for your time and assistance. Best regards.
Stevedo they hold 50% each directly or through a structure such as a trust or a company? the transfer would be a capital gains event, stamp duty would normally be payable, how us any depreciated plant to be treated, is the asset an active business asset for capital gains tax.
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