Capital Gains on inherited property
I’ve recently inherited my mother’s house and trying to understand if I am still eligible to the CGT exemption if I were to sell the house after the 2 year period of inheritance.
Seems I do qualify from what I can understand being that 1. The property was purchased prior to 1985 2. It is my current main residence. 3. The property was not used to generate an income.
However I am considering to rent the property at some point and move out and and then maybe sell it some years down the track. So it’s not clear to me if I do that, if I would then get hit with CGT when I do sell or if I’m still exempt. Just wondering if anyone has had any experience with a similar situation?