Ive kept figures simple for maths.
Purchased house 1992 with partner at the time : mortgage now 50k
bought partner out 1998 , increased mortgage to do this. mortgage now 100k
2003 married. property still in my name only.
2006 leveraged equity. bought elsewhere and moved - old house now investment property- wifes name went on the mortgage deeds : mortgage now 200k
plan to sell in 2015 if value reaches parity with the mortgage.
Assuming house sells for value of mortgage at time of sale, is there any CGT liability there?
Purchased house 1992 with partner at the time : mortgage now 50k
bought partner out 1998 , increased mortgage to do this. mortgage now 100k
2003 married. property still in my name only.
2006 leveraged equity. bought elsewhere and moved - old house now investment property- wifes name went on the mortgage deeds : mortgage now 200k
plan to sell in 2015 if value reaches parity with the mortgage.
Assuming house sells for value of mortgage at time of sale, is there any CGT liability there?