Hi. As part of a financial settlement I was ordered to take over the mortgage on an investment property my ex-partner had prior to us getting together (and we maintained whilst together). It has always been solely in his name and soon the mortgage will be in mine. My question is, if I sell this property will I have to pay capital gains tax on it? He only lived in it for 6 months prior to it being used as an investment property.
There are rollovers for family court order transfers of property. There are also lots of ways to shoot yourself in the foot here too. Get some good advice on the CGT implications here, and document everything that happens. You will probably need to get yourself some market appraisals to establish the market value of the property when it becomes yours. The fact that he lived in it for 6 months wont be of any benefit to you, but you do need all the details of the original purchase by him.
feel free to give me a call, Tighes Hill is not far away. Or get yourself a good CPA/CA closer to home.