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Re: Is Capital Gains Tax Applicable

Newbie

Views 255

Replies 1

Hello,

 

I'm hoping to get some help understanding capital gains implications in the follwoing scenario.

  • My spouse and I purchased our house together about 15 years ago (the property was in both of our names).
  • We both lived in the house toghether for many years (well over 12 months).
  • A couple of years ago, I rented a property close to my work, but still spent a lot of weekends and other periods of time at our house.
  • Some of my documents were updated with the rented property.
  • My spouse passed away this year due to an agressive cancer and left their half of the property to me.

 

Can you please advise if, if I'm to sell the house, is capital gains tax applicable in the above scenario?

 

Thank you!

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Champion

Replies 0

@Jaszsorry to hear that. If it was always been the main residence for both of you then there is no CGT. If you rented it out but never purchased another main residence it can be your main residence for up to 6 years after you move out.

1 REPLY 1

Most helpful response

Champion

Replies 0

@Jaszsorry to hear that. If it was always been the main residence for both of you then there is no CGT. If you rented it out but never purchased another main residence it can be your main residence for up to 6 years after you move out.