If my father, mother and brother are the owners of a house (as in its in their name), in the % of:
25% father
25% mother
50% brother
With consent of all 3 of course, how do we go about making the property to be owned in this ratio
25% father
25% mother
25% brother
25% me
Are there stamp duties or taxes to pay? If so, approx how much would it be if the property is worth AU$500, 000
We are in Australia.
Any help would be greatly appreciated!
Update:its a holiday house
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Answers & Comments
Verified answer
There are too many variables to give a correct answer here. You dont mention if this is your residence or a rental property and this can make a difference.
I'd recommend you discuss this with a solicitor.
Around 3K stamp duty plus your brother may have to pay Capital Gains tax on 125K. He is gifting this to you but since its over 10K he will be liable for CGT which could be 10-20K.