My brother has decided that he wants to sell his half of our unit in Sydney. At present it is still my 'primary place of residence' as i live in my now wife's house in brisbane (still less then 6 years since i left the Sydney unit).
Two questions:
1. What are the costs if i buy him out other then the unit costs? Can i avoid stamp duty and the host of other costs?
2. As my wife will probably be on the new mortgage this would turn the property into an IP - correct? CGT will be payable on the increase of value from the purchase from my brother?
Thanks!
Two questions:
1. What are the costs if i buy him out other then the unit costs? Can i avoid stamp duty and the host of other costs?
2. As my wife will probably be on the new mortgage this would turn the property into an IP - correct? CGT will be payable on the increase of value from the purchase from my brother?
Thanks!