CGT Chargeable gain for joint ownership

P

paperclip

Registered User
Messages
336
If a house is jointly owned, 50/50, bought for 300,000 and sold for 350,000.

The gain is 50,000.

Each owners chargeable gain is 25,000, right?
 
What is the format of the joint ownership - is it tenants in common or joint tenants?

Maybe that has a bearing on your accountants response
 
jpd said:
What is the format of the joint ownership - is it tenants in common or joint tenants?

Maybe that has a bearing on your accountants response
Click to expand...
Don't understand the question, joint ownership of a house, 50/50.
 
There are two forms of joint ownership

Tenants in common - each owns a share of the property in their own name. If one of them dies, they can decide how their share is to be treated so that they could will it to someone else or a group of other people as they wish

Joint tenants - each owns a share of the property, but if one of them dies, their share passes to the survivor who then becomes the owner of the entire property

The same ownership statuses are available to joint bank accounts, etc
 
jpd said:
There are two forms of joint ownership

Tenants in common - each owns a share of the property in their own name. If one of them dies, they can decide how their share is to be treated so that they could will it to someone else or a group of other people as they wish

Joint tenants - each owns a share of the property, but if one of them dies, their share passes to the survivor who then becomes the owner of the entire property

The same ownership statuses are available to joint bank accounts, etc
Click to expand...

No idea, we bought the place 15 years ago, this was never brought up. Even so, seeing as we're both alive and kicking, the gain should still be split 50/50, right? If not, then the gain would be double what it actual is.
 
Yes, gain should be taxable 50/50 based on info you've provided.
Ask your accountant to explain why he is saying otherwise.
 
Accountant must be in possession of pertinent information that hasn't been shared here. Was there really only one owner, were the proceeds of the sale shared equally?
 
Leo said:
Accountant must be in possession of pertinent information that hasn't been shared here. Was there really only one owner, were the proceeds of the sale shared equally?
Click to expand...

Sale not completed yet. Joint ownership for sure, was a while back, but remember signing the contracts.
 
You must log in or register to reply here.
Back
Top