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Re: Inherited money indirectly

Newbie

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Replies 1

My mum has passed and my sister is going to buy the other 3 siblings out of the house . If she just transfers the money to our accounts from her account  , will we end up paying tax on it? How do we prove it is our inheritance . RT

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Most helpful response

ATO Certified Response

ATO Community Support

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Hi @RTbert,

 

Condolences on your loss.

 

If the property was your mothers main residence at the time of her passing, you have up to 2yrs to sell the property without being liable for CGT (Capital Gains Tax).

 

If it was a rental/investment property at the time of her passing then you will be liable to pay CGT on the sale.

 

There are many different factors that contribute to an exemption on paying CGT. I have linked information bellow on inherited dwelling and when an CGT Exemption might apply.

 

Links

Inherited dwellings

CGT exemptions for inherited dwellings

1 REPLY 1

Most helpful response

ATO Certified Response

ATO Community Support

Replies 0

Hi @RTbert,

 

Condolences on your loss.

 

If the property was your mothers main residence at the time of her passing, you have up to 2yrs to sell the property without being liable for CGT (Capital Gains Tax).

 

If it was a rental/investment property at the time of her passing then you will be liable to pay CGT on the sale.

 

There are many different factors that contribute to an exemption on paying CGT. I have linked information bellow on inherited dwelling and when an CGT Exemption might apply.

 

Links

Inherited dwellings

CGT exemptions for inherited dwellings