Hello community, I am having difficulty understanding the CGT implication on the other ‘half’ of my home (I live in it) which has just passed to me as the surviving tenant. Do I understand correctly that I have to sell it within 2 years in order to not be required to pay CGT? If yes, do you know what the rationale of that requirement is? As I will be forced to move out of my home… with no other options on the horizon (retired, aged pension). Are there other options? I would prefer to keep living here, maybe (only maybe) sell at some future time if I want to. I do not have funds to pay CGT (and at this point I do not even understand why it might be required of me). The former other j/t was not occupying our home, was in aged care. Parent and child situation (not partners eg).
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If the property was the deceased's main residence just before their death and the deceased's share has passed to you as the beneficiary then the property is exempt from CGT for the period it is your main residence and is not income producing (2 year rule is not applicable). This link provides information.
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If the property was the deceased's main residence just before their death and the deceased's share has passed to you as the beneficiary then the property is exempt from CGT for the period it is your main residence and is not income producing (2 year rule is not applicable). This link provides information.
@Taxduck hi, thank you for looking at my issue. The former other j/t was in aged care though. Is there somewhere in the tax rules that allows for aged care not being your residence / your home of which you a j/t remaining your residence even though you have not been living in it for a few years?
The residence can be treated as the deceased's main residence indefinitely after moving into aged care. This link explains "treating former home as main residence"
@Taxduck ohhhhhhhh! Thank you, I will have a read (have not seen this previously).
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