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Do you have to pay market value for a property gifted to you (in victoria)danield [4 Posts] Hi, I just had a question about love and affection(gifting). Thanks Scott No Mates [794 Posts]  Gifting a property is just that - no value. Your downside is when you come to sell - you paid nothing so are up for 100% CGT if you have not used it as a PPOR. Your wife's downside is that for disposal purposes, it will be valued by the ATO as having transferred/sold at market value - so she will be up for CGT as well. Weigh up these costs before gifting the property, consider other alternatives eg moving it into a trust and you wife recieving the income etc.   Lady Luck [9 Posts] Hi Daniel I cant comment on the advantages or disadvantages im sure that both yourself and your wife have thought that through. In terms of legality she can transfer the property to your name for the consideration price of $1.00 irrespective of what the value is. All the best. Qlds007 [4220 Posts]  Legalities aside her CGT and Stamp Duty (if applicable) will be worked out on market value. She should obtain a valuation on the property prior to signing the Transfer. Cheers Yours in Finance Terryw [6491 Posts]  Some states allow transfers between spouses at special stamp duty rates. check with the OSR. Terryw |
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In The NewsAuctions - lonely affairs? The global crisis is creeping into the property market with auctions becoming lonely affairs and Melbourne clearance rates falling. No Housing Revival Just Yet! Auction clearance rates slumped again over the week-end leading experts to advise investors that they will have to wait another year for a revival in the housing market. RBA Slashes Rate RBA announces the biggest rate drop in 13 years - down 1%! Today's TipOnly 1 in 200 property investors owns more than 5 properties <more> Active forum topicswhat does a 1% drop in rates do for us? Author: crashy Buyer's Agents??? Author: Young_Investing Who's OnlineTake The Test
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