Suppose I am gifted a property, i.e. bought it for $0 and I choose to own this property as an IP or holiday home.
Then when I come to sell it do I have to pay capital gains tax on just the difference between the market value at the time of transfer and the price at the time of sale, or the whole price at the time of sale?
Then when I come to sell it do I have to pay capital gains tax on just the difference between the market value at the time of transfer and the price at the time of sale, or the whole price at the time of sale?