- Property was purchased solely by dad in 1999 for 325,000 and he passed away in 2002.
- Mum inherited the property in her name in 4/2008 and passed on 75% to her son in 5/2008 as tenants in common to the value of 356,250
- Stamp duty was paid as inheritance and a further 8.25% was passed onto her son in 2012 as vendor finance as inheritance to the value of 47,025 before her death in 10/2020.
The balance into the deceased estate or 16.75% to her son to the value of 152,425 after valuation. The son sold the property within 2 years of his mother passing away. Mother held onto the property as her main residence up until the day she passed away overseas during her last longer stay holiday overseas at the age of 90.
Is the son liable to pay CGT on the property. The property is valued at more than 555,700 (356,250+47,025+152,425).
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