Tax implications buying into mothers house

[Ben Storch]

Hi,

Could you explain to me the implications around buying into my mothers house?

My mum is separating from her partner and I would like to get a loan to buy out her partner, both parties will live there as their main residence.

Will there be CGT or Stamp duty?

Also the house already has a mortgage in both my mum and partners name what implications would there be around the mortgages?

 

[Atticus]

CGT shouldn't apply if you are living there, however SD probably will...

The existing mortgage will have to be paid out & the place refinanced...

WARNING..... As this is a family law matter,ie, a joint asset of a dissolved (De facto?) relationship, make sure that there is a formal property settlement in place... Without it, there is the potential for the partner to file for one even after the place has changed hands... the fact that his share has been bought out already won't alter his rights under family law..

GET PROPER LEGAL ADVICE before doing anything