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  • Profile photo of huahongchiuhuahongchiu
    Member
    @huahongchiu
    Join Date: 2010
    Post Count: 4
    February 28, 2011 - 12:31 am

    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

    Profile photo of huahongchiuhuahongchiu
    Member
    @huahongchiu
    Join Date: 2010
    Post Count: 4
    May 26, 2010 - 9:00 am

    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

    Profile photo of huahongchiuhuahongchiu
    Member
    @huahongchiu
    Join Date: 2010
    Post Count: 4
    May 17, 2010 - 9:44 am

    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 going to close it and lease the warehouse. I am  going to get some profits as the mortgage is very small. Can I offset past business loss with future rental income? Please advise. Thanks.

    Profile photo of huahongchiuhuahongchiu
    Member
    @huahongchiu
    Join Date: 2010
    Post Count: 4
    May 16, 2010 - 1:17 pm

    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 family house to my family trust such that when I die, the ownership of the family house will be automatically shared by the beneficiaries of my family trust without me doing a will. I have no plan to pay rent to the family trust at all.

    However, I am wondering when the family house is sold, what happens to CGT?, as normally, disposal of family houses are not subject to CGT? From reading the comments in this post so far, it sounds like that family trust is for business use but not for this sort of purpose.

    Please help.
    Thanks,
    Regards,
    Hong

Viewing 4 posts - 1 through 4 (of 4 total)