Capital gains payable on a house I inherit but will use as my principal residence and not sell house was purchased post 1985 for 200,000 now worth 850,000
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Hi @jpeiso44,
Are you asking if we'll ask you to pay capital gain tax, (CGT) on the house you inherited?
If so, when you receive the house, we won't. It's when it comes time for you to dispose of it, for example sell, you might need to pay CGT then.
Keep in mind there's what's call the main residence exemption. This is where you can look at the eligibility criteria for not paying CGT on your main residence.
Check out the article we've on tax on gifts and inheritances.
Enjoy your new home.
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Hi @jpeiso44,
Are you asking if we'll ask you to pay capital gain tax, (CGT) on the house you inherited?
If so, when you receive the house, we won't. It's when it comes time for you to dispose of it, for example sell, you might need to pay CGT then.
Keep in mind there's what's call the main residence exemption. This is where you can look at the eligibility criteria for not paying CGT on your main residence.
Check out the article we've on tax on gifts and inheritances.
Enjoy your new home.
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