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Re: Capital gains on property inherited from mother

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I am trying to gain insight on the capital gains tax related to a property for a certain circumstance that is somewhat complicated.

 

A property was purchased in 1972 by my mother, at the time I was also listed on the loan as the local area had incentives for extremely good loans.

 

The property was never occupied by my mother or me, the property was always rented to tenants. At the time of her death (2009) I inherited the entire title of the property. The property was rented again after this.

 

As it was purchased prior to 1986, what would the capital gains tax situation be if I were to sell the property now (having owned half of it since 1972 and the remainder since 2009)?

 

Help would be very much appreciated.

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Most helpful response

Taxicorn

Replies 0

@CurlJam 

 

Ok anything that was added to the property like extensions, fencing, driveway etc post 20 September 1985 will be liable for CGT.

 

You will be liable for 50% CGT when you 'aquired the other 50% in 2009.

 

Were you listed as 50% owner on the title or just the loan?

 

 

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

@CurlJam 

 

Ok anything that was added to the property like extensions, fencing, driveway etc post 20 September 1985 will be liable for CGT.

 

You will be liable for 50% CGT when you 'aquired the other 50% in 2009.

 

Were you listed as 50% owner on the title or just the loan?