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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?

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Permalink Reply by Bandwidth on August 20, 2009 at 18:28

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

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Permalink Reply by Bandwidth on August 20, 2009 at 18:32

Hello Marie

Check here on the ATO

http://www.ato.gov.au/individuals/content.asp?doc=/content/37184.htm

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Permalink Reply by Marie on August 29, 2009 at 16:58

Thanks Bandwith for your reply. I just have to get around to reading it all etc.etc!
Marie

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Permalink Reply by Sue on November 2, 2009 at 15:04

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...

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