Here is the situation:
Swiss dad owns multi family house (built by his grandmother, given to his father and then to him) - passes it to Swiss son 3 years ago. No money changed hands.
Father and son discuss, decide to sell. Everything is on the up and up tax/legal-wise.
1. Is son subject to penalized capital gains taxes because he has only "owned" said house for 3 years? Or does it fall into the grandfathered 15+ year ownership rule?
2. Said house is in Kt Zurich in a low tax area - can anyone give me an idea what the CG tax would be? Or is it somehow linked to income?
Like I said.....for dummies......
Thanks
J
Capital gains tax.....probably for dummies...
Swiss dad owns multi family house (built by his grandmother, given to his father and then to him) - passes it to Swiss son 3 years ago. No money changed hands.
Father and son discuss, decide to sell. Everything is on the up and up tax/legal-wise.
1. Is son subject to penalized capital gains taxes because he has only "owned" said house for 3 years? Or does it fall into the grandfathered 15+ year ownership rule?
2. Said house is in Kt Zurich in a low tax area - can anyone give me an idea what the CG tax would be? Or is it somehow linked to income?
Like I said.....for dummies......
Thanks
J
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