Partner passed away and left half the house to me + kids Capital Gains Question

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 · Accepted Answer

JodieR_ATO · Answer

We're sorry to hear of the passing of your partner. In relation to inheriting a dwelling is correct. The main residence exemption can continue for up to 2yrs if the property is sold before the 2yr period. If the property is held for longer then 2yrs the children would be liable for CGT fo the period above the 2ys for their 50% share. For your 50% share you can continue living their and using it as your main residence. You may have to buy the kids 50% share or come to an agreement if you want to continue living there after the 2yr period. See -Inherited dwellings and CGT, (https://www.ato.gov.au/Individuals/Capital-gains-tax/Inherited-assets-and-capital-gains-tax/Inherited-property-and-CGT/#Workoutifyourinheritedpropertyisexempt) you can check out the questions via this link.

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