Hi
I have a property worth E150,000 ( purchased 2005 for E100,000 approx)
I am hoping to sell as I owe my brother 75K and normally I would have to pay 33% capital gains on 50k capital gain( I realise buying and selling expenses are deductable but want to keep figures simple)
My brother has suggested he buy half the house as the rental income( 1000k per month so 500 each) is far more than what he would get in the bank. He has retired and has no financial issues)
So my questions are
1) is this beneficial to me in terms of capital gains or not? Im not sure if I would need to pay 50% of the original capital gain
2) Adding him to the deeds - what might this cost?
Regards
NBC
PS we own an apartment together for 15 years already and we never have any issues- some may suggest getting involved with family an issue but in this case it's really fine.
I have a property worth E150,000 ( purchased 2005 for E100,000 approx)
I am hoping to sell as I owe my brother 75K and normally I would have to pay 33% capital gains on 50k capital gain( I realise buying and selling expenses are deductable but want to keep figures simple)
My brother has suggested he buy half the house as the rental income( 1000k per month so 500 each) is far more than what he would get in the bank. He has retired and has no financial issues)
So my questions are
1) is this beneficial to me in terms of capital gains or not? Im not sure if I would need to pay 50% of the original capital gain
2) Adding him to the deeds - what might this cost?
Regards
NBC
PS we own an apartment together for 15 years already and we never have any issues- some may suggest getting involved with family an issue but in this case it's really fine.