Ownership structure
Our home property in SA can be divided into 9 blocks.
I have 5 children and want to give them a block each.
I need some guidance on the best way to set this up.
We have been told that we have to pay CGT on each block which could mean a tax bill of upto $400,000 on money that we don't get. (This would kill our dream)
Should we put our kids on the title before division?
I need someone that really knows property tax law.
Have been to 3 accountants all with different answers.
Can't afford to get it wrong.
Any help greatly appreciated.
Peter
Our home property in SA can be divided into 9 blocks.
I have 5 children and want to give them a block each.
I need some guidance on the best way to set this up.
We have been told that we have to pay CGT on each block which could mean a tax bill of upto $400,000 on money that we don't get. (This would kill our dream)
Should we put our kids on the title before division?
I need someone that really knows property tax law.
Have been to 3 accountants all with different answers.
Can't afford to get it wrong.
Any help greatly appreciated.
Peter