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Member's Question: 'Does she have to keep her house to receive a Capital Gains Discount?'​

Hey there, members!

We’re wrapping up the week with another round of our ‘Members Helping Members’ segment: your space to share tips, advice, and a little wisdom with each other.

For today, here's a question from an anonymous member:

My daughter inherited a house and wants to sell it does she have to keep it for a year to receive the 50% Capital gains tax discount. Thanks Crew.

Got advice, tips, or experience to share? Comment down below!

If you also want to ask a question or for advice, you can always send yours via our anonymous form or simply post in our Members Helping Members forum!

 

[novezar]

I can't offer any advice.
The only house which I could have inherited was my parents. Then it would've been split between the 3 of us siblings.
It had to be sold off when my surviving dear mum had to eventually take up residence in an age care facility.
That soon took care of the finances.

How many of us have been in the exact same situation ?

 

[Vikster]

All I can say this is not the place to ask this question she needs to talk to a accountant as everyone's situation is different and you would not want to tell you daughter the wrong information for her

 

[Squizzy1]

No, generally the CGT rule for inherited assets are exempt. If purchased b4 Sept 1985 it is also exempt.

 

[Greg350]

These types of questions should not be asked here, you get people opinions, what they think the case is and you end up with multiple answers. The ATO has a fantastic website, everything is there to see, just take a little time to research the answer for the particular situation.

 

[Vickers]

Talk to your Acct / Tax Agent - will take a few minutes...usually tax free but length in YOUR name "may" incur CGT

 

[Clancieblue]

Talk to the solicitor involved.

 

[Jest]

why do you not ask the appropriate people. we are not able to give legal advice. OH! make no mistake plenty will give it.

 

[Jest]

These types of questions should not be asked here, you get people opinions, what they think the case is and you end up with multiple answers. The ATO has a fantastic website, everything is there to see, just take a little time to research the answer for the particular situation.

a lazy person who wants free advice. none of us doing that.

 

[Wayneo]

a lazy person who wants free advice. none of us doing that.

No need to be rude.

 

[MariaG]

We went through this when my mum passed.
We had 2 years to sell the property from mums death to avoid CGT.
However, there are exemptions.
My first course of action was to go straight to a tax agent. Made things very easy. We did not oat CGT.
Dont try and sort it out yourself as it is a minefield of qualifiers that makes it very confusing.
The main thing is to gather information, like date of passing and sale date.

 

[Wayneo]

We went through this when my mum passed.
We had 2 years to sell the property from mums death to avoid CGT.
However, there are exemptions.
My first course of action was to go straight to a tax agent. Made things very easy. We did not oat CGT.
Dont try and sort it out yourself as it is a minefield of qualifiers that makes it very confusing.
The main thing is to gather information, like date of passing and sale date.

Great advice thanks for giving this person some positive advice the negative responses are not needed or helpful calling them lazy like they should know what they are doing anyway take care everyone