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Main Residence Exemption

Excellent point Paul

I should add that in some states there is no stamp duty on a transfer between spouses.

If you have lived in it you could sell it to X possibly CGT free. You can the benefit of having lived in the property and the exemption. X then develops and sells. Cost base is reset. X could be a trustee, but a trust owned house would mean CGT exemption is lost going forward and there...

It may even work out better if yu could sell the property to a related party before doing anything - spouse A sell to spouse B for example (another good reason not to jointly own property).

Because it will be vacant land he could lose the CGT exemption on the part he doesn't live in.