Hi all,
Can anyone help me with this question? If a house is left to you because of a death in the family, you’ve had it for over 12 months and not rented it out at all, do you have to pay capital gains tax on a sale price of under $100k in a private sale?
Thanks [
]Karl
The future belongs to those who believe in the beauty of their dreams. – Eleanor Roosevelt
Have you been living in the house as your PPOR?
Capital Gains tax is payable on the sale of shares or property that is left to you in a Will. Shares you can’t avoid, but property – if you turn it into you principal place of residence then no CGT.
Cost base for a property would be taken at date of death (from memory) not the date that it was transferred to you. If you’ve held it for more than 12 months you’ll get the 50% discount.
Does that help?
Hi Karl
This address may be helpful. It seems complicated but it really is not.
Check it out. Hope it helps
http://www.ato.gov.au/individuals/content.asp?doc=/content/31570.htm&page=15#H4_9
Cheers
Ca$hking[]
]
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