handyandy said:Hi Peter
In regard to your clients inheritance your quote
"I have a client who just inherited $2.65M of property. He has no other investments. He worked 15 years as a carer to his Aunt for this bonus.Would this not establish a cost base at the time of the inheritance ie $2.65m, and as such the tax will not apply as he will not have made the 12% threshold!!!! Better still make sure that the valuations are done the ensure a slight lose on sale (particualrly in the current doom and gloom environment.
She paid Land tax at 1.7% and rates every year.
He had expected to pay agents fee, marketing, me and thats it. No CGT applies.
Now for no benefit the NSW gov will take on $2.65M $59,625 of his money."
Just a thought
Cheers
Hi Handy
Good Point. When I find out, I will post.
FYI this client has decided therre are too many unknowns at the moment and is going to hold off. Another friend however has decided to sell her ex PPOR unit now IP unit. Question is. CGT gives 6 years grace for ex PPOR. What about carrs exit tax?
Regards Peter 147