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Re: Husband Inherited property, do i have to pay CGT to transfer to my name?

Newbie

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My husband has recently inherited a property, with nothing owing. His mum has owned the property since about 1960. I am the sole income earner and support my husband. We haven't transferred the property to his name yet, and want to look at transfer into both names. He doesn't require to pay CGT but do I need to pay CGT and stamp duty for WA?

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ATO Community Support

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Hi @Kelly11

 

It depends on when the property was inherited, and the conditions of the property (namely whether or not it is his and his dependents', including you, main residence, or used to produce income). You'll need to check by following the questions on CGT exemptions for inherited dwellings.

 

Stamp duty is a state-imposed tax, not a federal imposed one, so you'll need to speak to the WA state government for clarification on this.

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Most helpful response

ATO Community Support

Replies 2

Hi @Kelly11

 

It depends on when the property was inherited, and the conditions of the property (namely whether or not it is his and his dependents', including you, main residence, or used to produce income). You'll need to check by following the questions on CGT exemptions for inherited dwellings.

 

Stamp duty is a state-imposed tax, not a federal imposed one, so you'll need to speak to the WA state government for clarification on this.

Newbie

Replies 1

Thank you for the reply.

His mother passed about a month ago and has lived at the property since she purchased. The property was left to my husband and only left to myself and depends if my husband was deceased. It was his main residence about 20yrs ago and we are looking to see if it could be our main resident, if not we will use to produce income. 

ATO Community Support

Replies 0

Kelly11,

 

I'm sorry to hear of your recent loss. If you have gone through the questions under inherited dwellings, it will advise whether the property is exempt. Under the information you provided your husband would be exempt if he sells the property within 2yrs. If he chooses to retain the property he may be entitled to a partial exemption.

 

 

Please use the links for further assistance.

 

Links-

Inherited dwellings questions.

Inherited dwellings.

 

All the best.

 

All the best.