Hi, I was gifted a property/dwelling in 1987, which has been my primary residence ever since, I have no other property other than my primary residence which I was gifted. I am looking to sell the property and I'm not sure whether I will have to pay capital gains tax? and if I do how is it calculated when it was gifted so long ago.
Hi, I was gifted a property/dwelling in 1987, which has been my primary residence ever since, I have no other property other than my primary residence which I was gifted. I am looking to sell the property and I'm not sure whether I will have to pay capital gains tax? and if I do how is it calculated when it was gifted so long ago.
A gift is different to an inheritance. Cost base for the gift is market value 1987.
If it has been your main residence for the whole time, and never used for earning business income, then it is exempt from CGT.
Hi, I was gifted a property/dwelling in 1987, which has been my primary residence ever since, I have no other property other than my primary residence which I was gifted. I am looking to sell the property and I'm not sure whether I will have to pay capital gains tax? and if I do how is it calculated when it was gifted so long ago.
A gift is different to an inheritance. Cost base for the gift is market value 1987.
If it has been your main residence for the whole time, and never used for earning business income, then it is exempt from CGT.
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