Marriage Rollover and CGT

[Dos]

Hi all,

Been a long while since I posted, hope all are well!!!!

Since last posting, have been through a divorce which has been an experience!!! Splitting propoerties was the funnest part by far!!! So now that I have a couple, I am thinking of selling one and I am trying to get my head around the marriage rollover rule..... I beleive I qualify if that is the word, but am not sure how CGT is calcualted. Is it on the amount from when I was "given" the house or on the very initial purch price??????

Situation is Purch Price $144k, at time of being "given" property val was $205k, now looking to sell at $240k. So is CGT calculated on the $144k or $205k?

Any assistance greatly appreciated!!!!

Dos

 

[redsquash]

Just to be clear.........Do you mean that previously your name was not on the title of the property you were given.

 

[Dos]

Howdy,

Both our names were on the title and I we decided she could take one house and I would take the other....

Thanks!

 

[marg4000]

As far as I am aware, property transfers under a property settlement don't trigger a CGT event, the original circumstances stand.

Therefore your CGT would be the same as if it had been in your name all along, i.e., since the original purchase.

But check with your accountant.
Marg

 

[Raddles]

HI there
what you need to have first is some consent orders that prescribe the property transfers so that you can rely on the cgt rollover provisions
thanks

 

[Dos]

Hi all,

Thanks for your replies so far!!

Yep, we had consent orders go through the courts to state the transfers......