 | | From: | SP3 | | Subject: | CGT Inherted Family Home | | Date: | Thu, 20 Jan 2005 17:38:16 +1100 |
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 | Can somebody please give me a run down on current CGT liability for an
inherited family home
Cheers,
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| | From: | John Smyth | | Subject: | Re: CGT Inherted Family Home | | Date: | Sat, 22 Jan 2005 14:23:55 +1100 |
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"SP3" wrote in message
news:41ef51d5$0$361$61c65585@un-2park-reader-02.sydney.pipenetworks.com.au...
> Can somebody please give me a run down on current CGT liability for an
> inherited family home
> Cheers,
>
Have a look at chapter nine "deceased estates" in this capital gains tax
guide - http://www.ato.gov.au/individuals/content.asp?doc=/content/43486.htm
For memory I think there is no CGT if the house is disposed in the first 12
months.
Also there was for us an issue of income on the estate (They had cash in the
bank earning interest while the inheritence was being settled)
Best of Luck
John
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| | From: | docn | | Subject: | Re: CGT Inherted Family Home | | Date: | Fri, 21 Jan 2005 18:28:25 +0800 |
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| On Thu, 20 Jan 2005 17:38:16 +1100, "SP3" wrote:
>Can somebody please give me a run down on current CGT liability for an
>inherited family home
>Cheers,
>
I had this problem a few years ago. I inherited the family home and
then immediately had it valued. I subsequently sold it a few years
later. I had to pay CGT on the difference between valued price and
sale price. Find an optimistic qualified valuer :-)
DocN
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| | From: | Chris p | | Subject: | Re: CGT Inherted Family Home | | Date: | 23 Jan 2005 18:08:13 -0800 |
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| the rule is actually 2 years, if you want to keep it at the end of 2
years get the property valued and any growth from there on will be
subject to cgt
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| | From: | SP3 | | Subject: | Re: CGT Inherted Family Home | | Date: | Mon, 24 Jan 2005 20:09:29 +1100 |
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"Chris p" wrote in message
news:1106532493.025207.42060@f14g2000cwb.googlegroups.com...
> the rule is actually 2 years, if you want to keep it at the end of 2
> years get the property valued and any growth from there on will be
> subject to cgt
>
Thanks for the responses.
I suppose NSW vendor tax would be payable.
I wonder if it is possible to leave the property as part of the estate until
it sells? Then the title would never transfer to me (I am also the
executor).
I know - I should seek pro advice ;)
Cheers,
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