My wife and I are currently separating. We have a family home and a 2nd rental property. The rental property was bought by me before our marriage and is in my name.
It currently has a mortgage outstanding of €60,000. Its value is €220,000.
Its is agreed between us that I stay in the family home and the rental property is sold with the proceeds going to her. From research i think that an asset can be transferred from one spouse to another in the year of separation without having to pay CGT. Does this mean that when the house is sold and the mortgage is paid off I can give whatever money left over to my wife without having to pay Capital Gains Tax. Whenever I try to look it up i find it very confusing!! Any advice appreciated
It currently has a mortgage outstanding of €60,000. Its value is €220,000.
Its is agreed between us that I stay in the family home and the rental property is sold with the proceeds going to her. From research i think that an asset can be transferred from one spouse to another in the year of separation without having to pay CGT. Does this mean that when the house is sold and the mortgage is paid off I can give whatever money left over to my wife without having to pay Capital Gains Tax. Whenever I try to look it up i find it very confusing!! Any advice appreciated