CGT on deceased estate

My brother and I inherited a property and have both our names on the title. It was transfered into our names around Jan or Feb this year and if we sell it now will we be slugged any CGT? Or any tax for that matter?

 

Was it previously the PPOR of the deceased person?
Was it originally bought prior to 1985?
Had it ever been rented out?
Marg

 

If it was a pre CGT property see
Tax Tip 94: Inheriting Pre-CGT Property Tax Tip 94: Inheriting Pre-CGT Property

If a post and it is was exempt from CGT for the owner than it could be exempt for you if you sell within 2 years of the date of death.

If it was not exempt, e.g, was an investment property, then your cost base would be the cost base of the deceased person's (same cost base).

 

It was the deceased's PPOR. It was only purchased in 2014 and never rented out. And the sale would be within the 2 years. So from what you two are telling me I understand it to be exempt

 

In that case it will probably be CGT. Seek advice before selling.

 

We have been using it as our PPOR though. But I am getting in touch with an accountant

 

If you are both using it as your main residence and claiming no other then you could possibly continue to hold it CGT free after the 2 years.

 

Thanks Terry. We have been using it as a main residence since 2014. We want to sell it and move on but would like to find out the numbers in selling it first. Just waiting for a call back from the accountant