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What is the base cost if the asset was acquired by a will?

Posted 24 November 2015 under Tax Questions



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Ingrid says:
24 November 2015 at 14:49

The asset was acquired by a will, so I did not pay anything for it. How do you determine the base cost value.

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TaxTimTaxTim says:
24 November 2015 at 15:06

It would be the market value on the day of death of the person.


Ingrid says:
24 November 2015 at 15:11

An evaluation of an estate agent or the municipal valuation?


TaxTimTaxTim says:
24 November 2015 at 15:30

The executor of the estate would have had to do this for tax purposes when filing the last tax return so you would use that value.


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