FatCat's MoneyConfessions - helping you save (& make) money, one click at a time
My parent's home
I'm hoping someone has advice for me. When my father was alive, his property was being paid off by my siblings. Some of my part was paid by my father.
If we sell his place, we have to pay capital gains tax because my siblings all have properties of their own which I don't have.
I want to be fair with my siblings because they have helped me.
Anyone got any tips please?
If we sell his place, we have to pay capital gains tax because my siblings all have properties of their own which I don't have.
I want to be fair with my siblings because they have helped me.
Anyone got any tips please?
Replies to This Discussion
-
Permalink Reply by Bandwidth on -
Hello Marie
I hear you have smoe concerns about reaching a fair outcome, what sort of tips are you looking for.
Is the property equally owned by all the siblings.
You could "rent" the property from the collective group, if you want to live there.
Depending on how long it is since your father died the tax laws change, as they do depending on when the property was purchased. Check the ATO
-
Permalink Reply by Bandwidth on
-
Hello Marie
Check here on the ATO
http://www.ato.gov.au/individuals/content.asp?doc=/content/37184.htm
-
Permalink Reply by Marie on -
Thanks Bandwith for your reply. I just have to get around to reading it all etc.etc!
Marie
-
Permalink Reply by Sue on -
Firstly Marie, if the the property was owned by your father & in your father's name outright - there is no Capital Gains Tax whatsoever. You then have 2 years to sell the property & do not have to pay any tax at all. But if the property was in the names of your father & siblings then it becomes part of probate etc...
About
VOTE NOW
Latest Activity
Hi all,I am after some advice and ideas from everyone, professional advice thus far has been to declare bankrupt and get it over and done with.
This is my situation, I used to own a company that T/O was around $1M p/a. The business had a bad season…
Be aware that Fox Symes is more of a credit management company and might not be what you need. I would talk to the lease company first, explain your circumstances and try to renogotiate the lease terms, eg extending the term to make payments less...…
The Shire of Litchfield had a problem collecting about $250,000 from unimproved land holdings which were unmaintained and basically had no active ownership. This properties known as "dead man" leases were owned by estates that acquired them in the 1…
You should email this to Get-Up
Ever read "The richest man in Babylon"? Its got the most straight forward financial plan that applies to anyone.
In fact you can buy a series of books revealing Buffetts strategy. The ones I prefer are any authored by Mary Buffett but there are others as well
We'd love any advice or opinions on the following;
We've got 3 properties (2 investment properties and 1 principle residence). We lived in our principle residence for 2 years and have been renting it out for the past 5.5 years, the property is va…
Message to billionaire Aussie John from inside a rat infested squalid Indonesian jail. From Robert McNeice. John I am sorry I did not pay back your money but please I have suffered enough. I need your help to me get out of here, my health is not…
FatCat news
Home-Equity Loans
A home-equity loan, also known as a line of credit, lets homeowners borrow money by leveraging the equity in their homes.Bill Gates No Longer World's Richest Man
For the third time in three years, the world has a new richest man.Eddy Groves' yacht, chopper to be sold
A helicopter and yacht on which fallen childcare entrepreneur Eddy Groves defaulted mortgage repayments are likely to be sold after approval was granted by the Federal Court.Billionaire Truck Driver Lindsay Fox
The global economic downturn was bad news for most businesses but not for the one belonging to Australian trucking billionaire Lindsay Fox.Andrew Forrest tops Aussie rich list
Iron ore magnate Andrew Forrest has more than doubled his wealth to reclaim the title of the nation's richest person from gaming tycoon James Packer, according to the latest Australia Rich list published by Forbes Asia.Australia's 40 Richest
An Australian could have stood pat in the 10 months since Forbes Asia last ranked the country's 40 wealthiest people and still would have been one-fifth richer by our count. The Aussie dollar gained 21% against the U.S. greenback, our benchmark.Industry super members better off
People who invest their super in industry funds are almost $80,000 better off than retail consumers$1 Million: Does It Still Mean You're Rich?
Becoming a millionaire used to mean you were on top of the world. Nowadays, it means you are climbing up the ladder.Billionaire Predictions 2010
Even as most billionaires saw their wealth increase in 2009 along with rising stock markets, some remain cautious and believe that 2010 will continue to test the global economy.Why Retirement Could Be Bad For You
You cannot imagine how many times I've heard business builders lament: By the time I'm able to smell the roses, I'll be too old to walk through the garden!© 2010 Created by FatCat on Ning. Create a Ning Network!
