Property Sale as part of estate

Discussion in 'Wills & Estate Planning' started by James Santo, 11th Jul, 2021.

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  1. James Santo

    James Santo New Member

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    My sister passed away, she had two properties, we sold the investment property and are about to sell her residential property, the investment property had very little CGT as it was purchased not long before she passed and was used to repay debt.

    My question is how do you identify to the ATO her residential property as her principal residence for tax purposes, this property has appreciated quite a bit since purchase?

    Thanks

    James
     
    James Santo, 11th Jul, 2021
    #1
  2. Archaon

    Archaon Well-Known Member

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    @Terry_w might be able to advise, but I imagine it would need a lot more advice and discovery, I think I remember seeing that whomever inherits the house would inherit it without CGT, but I could be wrong on that.
     
    Archaon, 11th Jul, 2021
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  3. skater

    skater Well-Known Member

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    Your accountant would be able to assist in this.
     
    skater, 11th Jul, 2021
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  4. James Santo

    James Santo New Member

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    thanks
     
    James Santo, 11th Jul, 2021
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It is a matter of doing CGT schedules for each property. Main residence may be exempt. Most accountants could assist
     
    Terry_w, 11th Jul, 2021
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  6. James Santo

    James Santo New Member

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    Thanks
     
    James Santo, 11th Jul, 2021
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