My father would like to get 150k for the property & pay off his mortgage for my parents
Hi Gordon
If the father gifts the house, he will be subject to CGT on the increase in value from the purchase price to the value on the date the gift is made.
While the wife will be subject to CAT, will she not get a credit for the CGT paid as both taxes arise from the same event?
Brendan
She should alright...good spot
Your incomes determine how much a lender might give you.
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