Hey All,
Quick question. What considerations need to be made if your parents were to gift you and your sibling the sale proceeds of one of their properties?
What are the considerations for the parents? Keeping in mind they have enough income producing assets to fund retirement. Are there taxation considerations?
Likewise what are the considerstions for the children? Would this need to be declared to anyone? Both children have PPOR debt where the funds would go towards.
Quick question. What considerations need to be made if your parents were to gift you and your sibling the sale proceeds of one of their properties?
What are the considerations for the parents? Keeping in mind they have enough income producing assets to fund retirement. Are there taxation considerations?
Likewise what are the considerstions for the children? Would this need to be declared to anyone? Both children have PPOR debt where the funds would go towards.