I am just checking to see would there be a way that he could hand over his savings to me and therefore have 45K total then the FTB can buy the house and someway recognising me as half owner aswell?
Because you are not related, you would have to pay capital gains tax on his 'gift' to you. I think it's something like 12K can be given taxfree to a non-relative and you pay 20% CGT on the amount above that.II am just checking to see would there be a way that he could hand over his savings to me and therefore have 45K total
Because you are not related, you would have to pay capital gains tax on his 'gift' to you. I think it's something like 12K can be given taxfree to a non-relative and you pay 20% CGT on the amount above that.
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