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Any tax on inheritance of a house

Posted 24 November 2015 under Tax Q&A


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Peter says:
23 November 2015 at 13:19

My daughter will inherit my primary residence. Are there any tax implications for her and/or for my estate? Like CGT for example.

This entry was posted in Tax Q&A and tagged , , , , . Bookmark the permalink.

TaxTim TaxTim says:
23 November 2015 at 17:52

There will be no tax implications for her when she inherits, but the estate will pay CGT on the deemed disposal of the property on the date of death.

Peter says:
23 November 2015 at 19:32

Thank you for the prompt reaction. Can you perhaps supply me with the formula that will be used to calculate the CGT which will be payable by my estate. Secondly, what happens when my estate don't have the funds to pay the tax?

TaxTim TaxTim says:
24 November 2015 at 0:31

They would have to sell the property or other assets in order to settle the tax liability. At the date of death the assets are deemed to have been disposed of so the capital gain would be calculated being the market value less the base cost and then R300 000 deducted for the year of death exclusion. However as this is a primary residence the first R2m gain would be excluded anyway. Please see our capital gains calculator too.


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