A and B bought property A 3 years ago for 400k, both A and B claim the tax deduction of the loan interest of 200k each. Property is worth 600k now. what happen is A buy B's 50% share and now property only belong to A.
B will pay capital gain tax based on the capital gain (600k-400k)*50%*50%=50k
A will pay stamp duty on 600k/2=300k amount. and increase the loan to 200k+300k=500k. A can now claim tax deduction on the loan interest of 500k
Is it look correct?
评论
All look good to me.
Note that if the title is transferred to one name, the deductibility of interest on the loan would be with the legal owner regardless in who's name is the loan. Therefore, for tax purposes, it will not be necessary to change the loan from joint names to one name.
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