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Tax implications of site transfer?

smythers · 2005-06-03 15:57:53

My father in law made a gift to my wife and I of a site 4 yrs ago on which we subsequently built a house. At the time I was advised to transfer it from him to my wife for tax purposes and that we could then transfer from her to both of us at a later date.Apparently if it was transferred directly from him to both of…

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03-06-2005 4:57pm

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smythers

Registered Users Posts: 2 ✭

Join Date: June 2005

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My father in law made a gift to my wife and I of a site 4 yrs ago on which we subsequently built a house.
At the time I was advised to transfer it from him to my wife for tax purposes and that we could then transfer from her to both of us at a later date.Apparently if it was transferred directly from him to both of us,there would have been a tax implication.
I would now like to transfer the site and house into joint ownership

Hopefully somebody can answer the following question;
- how long do we need to wait before we can transfer in dual ownership (without any tax hit)?

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