Capital Gains Tax
Posted 20 August 2012 under
Tax Q&A
I received an inheritance. I sold the property. There is no base cost, since I did not pay for the property and there is no improvement made. How do I proceed with the question.
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and tagged Salary / IRP5, Capital Gains, Rental Income.
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TaxTim says:
16 August 2012 at 18:39
When you inherited the property it would have had a market value. The would be your base cost for the property when calculating the Capital Gains Tax. Did you inherit the property from a spouse? In order to get the value of the property on the date you inherited it you should speak to the executor of the estate which will have a value.
The estate would have paid Capital Gains Tax on this property so a value would have been set.
I hope this helps?
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