All Topics / Help Needed! / Capital gains tax

Viewing 2 posts - 1 through 2 (of 2 total)
  • Profile photo of NikiasNikias
    Participant
    @marika
    Join Date: 2016
    Post Count: 1
    October 18, 2016 - 9:18 am

    Hi
    Seven years ago my husband and I bought a property with my two children who are adults. It was to be a rental property investment but my daughter decided to live in the property and paid rent. We claimed expenses and shared the losses on our tax returns,

    Is this property fully liable for cgt or can my daughter claim it as her principal place of residence as she lived in it?

    We sold the property in June 2015.

    Cheers

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 18, 2016 - 10:35 am

    It could be CGT exempt for your daughter – but the rest of the owners will be liable for CGT – if there was a gain.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.