Search results

I thought we were talking about Capital Gains tax NOT gift tax. The gifter being the one who gifted the property to him.

Yes, sorry. I was thinking deceased estate. The gifter would pay the tax. I'm not sure how that would work if it was given away. Would they still have to pay on the market value? Otherwise people could just give it to a child etc to avoid the tax.

Agree and to add- Get a valuation now. If it was a PPOR you won't pay CGT but will from now if it is to become an IP for you. If it was an IP you will be charged the CGT until now but not after the valuation if it is to be your PPOR. So you need the valuation for tax purposes.