deceased estate

[#1]

Hello,

The transfer of the title of the property to the beneficies of the estate of my deceased brother has been delayed due to no fault of our own and we wish to know if we are now unable to sell the property, within the 2 year since the date of death time period, will we still be required to pay Capital Gains Tax (CGT)? Can we get an exemption due the fact that the transfer of the title was delayed beyond our control?

As my father, one of the beneficiaries, is a pensioner who hasn't been required to do a tax return for years, if we are liable for CGT, at what rate will he be taxed?

The property had a mortgage on in it in the name of my father. However, part of the debt was also owed to siblings (as well as my father), the individual amounts being specified in the mortgage. Will there be CGT to be paid on this part ownership of the deceased property when it is sold?

Can we claim the expenses for the handling of the estate at the exorbitant rate of NSW TAG and our own solicitor's fees, as a deduction?

[#2 · Accepted solution]

Hi @vicsestate,

Thanks for getting in touch!

As your circumstances are very specific, we suggest that you write to us to request a private ruling. Private rulings are a free service and we will provide you with tailored information on how we think the tax law applies to your specific circumstances. We aim to respond within 28 days from receiving your request.

When the estate comes to lodge a tax return, deductions can be claimed for tax agent's fees and similar expenses incurred by the taxpayer's executor.

Thanks.