Capital gains tax
1. Do you have to pay capital gains tax if you make a profit selling your home? and 2. Can a relative sell a property cheaply to another relative, and if so, is capital gains tax involved?
The law, as I understand it, states that you do not pay capital gains on your primary residence. If you sell a property that is not your primary residence you will have to pay CGT. The buyer may have to pay stamp duty. Any artificial reduction in price to avoid tax is tax evasion.
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