Hello, I am asking this question as I have been conflicting information from a number of reputable sources and couldn't find a clear answer in previous question.
My siblings and I inherited the family farm on my father's death 18 months ago. It was my parents' primary residence since the 1960's and a full-time farming operation. My father inherited the property in 1987 upon his father's death. I have been given mixed information on whether capital gains tax would be payable on the property if we sell past the two-year date (I believe it will), but more importantly, what the cost basis for the CGT will be. I have been told it will be the value of the farm when my father inherited it, and also it would be the value when we inherited it.
Can anyone clear this up for me please.
thanks
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