pre 1985 then repurchased divorce

[fernfurn]

I have a house that was purchased by my ex and I prior to 1985. When I divorced him I bought out his share in 1997. I now want to sell and wonder how this buyout date will affect the no cgt rule.

 

[Paul@PFI]

Seek personal tax advice that confirms your circumstances but typically the cost date and cost base remain the same and one spouse inherits this from the other when court orders are imposed. The fact that you said "bought him out" may need to be checked....Typically Family Court Orders may order you to receive Property A and to give husband $X cash but its not a actual purchase. The cash is not consideration for the property as such.

At best its 100% CGT free. At worst it may be 50% CGT free and 50% with a cost base from 1997 that is taxable.

 

[marg4000]

Is this your PPOR?

Have you lived there the whole time?

These will affect CGT or exemption.
Marg

 

[fernfurn]

It was our ppr, then I left for approx 2 years, then I gave him cash for his share and shifted back in for another approx 5 years. I then left and it has been rented out for 10 years.