- maccas1Member@maccas1Join Date: 2008Post Count: 2
Hi i have a property that i built with a mate we have both gone our separarte ways and i was looking at buying him out as the property is currently rented and doing quite well.
the loan is in both names and there was never a tenants in common drawn up
My question is do i have to pay stamps on his half of the property?
and what other fees would there be if i went thriough with this?
Regards MaccaDAMPropertyParticipant@dampropertyJoin Date: 2011Post Count: 44maccas1Member@maccas1Join Date: 2008Post Count: 2
house was originally PPOR only became rented in the last 10months loan is split 50% each.
Accountant has not asked for anything regarding verification on that.
So do i have to pay stamps or anything?
Regards MaccaRob G.Participant@rob-g.Join Date: 2010Post Count: 70
Most likely stamp duty on acquiring your mate's share, the amount depending on your state.
If joint tenants, both of you have a CGT event when the joint tenancy is severed.
You may get some main residence exemption if you occupied it for some of the time.
Better get some detailed advice from an accountant because joint ownership is complex for tax.
RobTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213