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Capital Gains Tax

Posted 20 August 2012 under Tax Q&A

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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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TaxTim 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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