Many moons ago a friend of ours purchased a home with the assistance of her parents (they placed in some money). She lived in it and paid off her parents. The parents are still on the title deed, and she is going to place it in her name only. Over the years of paying her parents back no % was charged, and it was her PPOR.
Are the parents up for CGT with the change of title deed?
I can see stamp duty is applicable but I dont believe CGT as there was no interest or tax deductions claimed by the parents, no rent or income derived, it was an % free loan from parent to child with names on the title deed as security and the property was the childs PPOR.
Opinions?
Are the parents up for CGT with the change of title deed?
I can see stamp duty is applicable but I dont believe CGT as there was no interest or tax deductions claimed by the parents, no rent or income derived, it was an % free loan from parent to child with names on the title deed as security and the property was the childs PPOR.
Opinions?
