Hi Tax Experts,My mum bought a piece of land in 1998 and I built my house on it in 2000. Since then, we live in the house as a primary residence. My mum leaves a will to pass the ownership of the land to me. I am wondering after I inherite the land, will I need to pay capital gain tax when I sell my house?Please advise,Thanks,Regards,Hong

Hi Terry,Thanks for your good idea.However, if I buy another house in my name, I will need to lease it out and end up paying CGT, isn't it?If I do not need to pay CGT for it, please let me know.Thanks,Regards,Michael

Thanks. It is good to pop up another issue about assets owned by my family trust. I use a company as the trustee. My idea is to keep the assets owned by my family trust for at least next generation. That is why I would not worry about the situation in which one child wants to sell but not the others. My current business is losing money and I am…[Read more]

Hi Experts,I have a family trust which I use for my business. The trust owns a warehouse (valued about $300,000) for my business. When I close my business, I am planning to lease the warehouse.My mum owns our family house. When she dies, she wants to pass the ownership of the family house to my family. I think that it may be better to pass the…[Read more]