I have a question related to Capital Gain on Main Residence. The situation below in brief
- Jointly owned property purchased on 06-07-2001 and used as main residence till 30/06/2004. Rented later and move in move out happened for different periods.
- Divorce transfer happened on 19/10/2007 for $330,000.
- Again move in move out happened and rented for more than six years later.
The party to whom the marriage breakdown rights were transferred, later sold the property. I understand the fact that we use Market Value at the time it was first used to produce income to calculate cost base.
- My question is does transfer of Marriage breakdown ownership right which is $330,000 here affect cost base anywhere?
I did some investigation online but could not find any conclusion. Can you help?
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