Follow
Share

If yes, how?


My son, 35, owns two residential properties, in Ormond and Glenhuntly, Victoria which have been rented. He wants to sell his Glenhuntly property to his mom, as a gift, without taking any cent from her. Can he do that? If yes, how? We presume, he will have to pay capital gain tax on the market value of his Glenhuntly house, plus Stamp Duty. But can the transfer of house be cashless? Thanks

This question has been closed for answers. Ask a New Question.
No worries. Thanks a lot for your valuable time in trying to help humans from all over the globe. Cheers!
Helpful Answer (2)
Report

I'm confused. Your son wants to gift to "his mom" - aren't you his mother if he's your son? Perhaps it's just that you're referring to his mother using third person instead of first person tense.

If you're in Victoria, BC, this is a question for one of the Canadian women here or an attorney, especially as to the cap gain and "stamp duty" issues.

In Michigan, an intra family transfer can be made for a nominal transfer tax value (perhaps the same as "stamp duty"), but my only experience with this method has been to convey property to a trust.

There might be a similar statute in BC.

But I don't understand what the relationship of your son is to you if you're not his mother. Is he your step son? What am I missing???
Helpful Answer (1)
Report

You should probably see an attorney so you know all og the possible financial implications of such a transfer. In this country I think we would have to pay a tax on the gift. Why not just add you or mom (whoever) as a coowner? What a very nice gesture, though.
Helpful Answer (1)
Report

Oops! Sorry for the erroneous assumption you were a female, as well as for the assumption you were in Canada. I did a quick Google search and the first hits for Victoria were for Canada.

Occasionally there are a few posters from Australia, but I don't believe there are any regular posters who are in Australia.

What you might try as a starter would be a process similar to here in America. If you have law schools with free legal clinics, or estate planning clinics, you could ask their advice, just as a starter to answer your basic questions.

Senior centers here also have free legal question and answer days for elders. Sometimes these days are weekly, sometimes biweekly.

We also have an Area Agency on Aging which holds caregiving expos annually, at which there are always at least 2 - 3 elder law firms offering free coupons for an hour's worth of free legal advice. I collect coupons from each one, and if necessary, I could get 2 - 3 hours worth of free advice.

These might help you at least get some limited answers to your basic questions.

Good luck, "Mate"!
Helpful Answer (1)
Report

Sorry to confuse you. I am the father, situated in Victoria, Australia. He wants to transfer his residential property to his mother, cash-free.
Helpful Answer (0)
Report

A very kind and thoughtful son! I am sure he will help mom figure it out. I have absolutely no idea of law of any kind in Australia.
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter