taylormade
Registered User
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I would like to gift my house to my daughter. She is married and has two kids. The value of my house is approximately 320,000. I am in my late 60's and the idea would be that my daughter sells her current property and then moves into my house. The house needs a lot of work done to it to make it comfortable to live in. The house probably needs 150,000 spent on it. If my name are on the deeds of the property my daughter would not get a mortgage to make the necessary improvements.
The monies my daughter gets from the sale of her house would not be enough to make improvements. But the monies could be used to purchase a log cabin for me to live in next to the house.
I know that my daughter needs to be living in the house for three years prior to my gifting of the house. How does one prove this?
Would she be better not to make any improvements to the house until after the three year period. She intends to live in the house long term, six years +++++.
I have currently left the property to her in my will but I would rather she moves here now and is not left to pay a large amount in CAT, which she would struggle to pay.
Any advice greatly appreciated.
The monies my daughter gets from the sale of her house would not be enough to make improvements. But the monies could be used to purchase a log cabin for me to live in next to the house.
I know that my daughter needs to be living in the house for three years prior to my gifting of the house. How does one prove this?
Would she be better not to make any improvements to the house until after the three year period. She intends to live in the house long term, six years +++++.
I have currently left the property to her in my will but I would rather she moves here now and is not left to pay a large amount in CAT, which she would struggle to pay.
Any advice greatly appreciated.