A rental investment property is being left to me in a Will. It was purchased 7 years after 20th Sept 1985, therefore CGT is applicable. Does the cost base reset at the time of passing, or would I pay CGT based on the original 1992 purchase price (by the person leaving it to me in their Will)? It was never their residence. It was always a rental property.
They are considering an early transfer into my name so that they take on the CGT liability now (very generous, but this will cause them some financial strain) and the cost base resets from the time I am gifted it (whilst they are still alive). But I want to know if the cost base resets anyway if it comes to me via their Will in the future.
Thank you. Hoping for some clarification.
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