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Question I am a U.S. citizen, became Aussie tax resident May 2012, transferred U.S. family home to a U.S. “living trust” Sept. 2012. (A living trust is basically an estate planning vehicle; title changes, but the tax treatment on the U.S. side remains the same as if the home is still individually owned for CGT/income/etc.) …
Question I originally sent in the below question back in September 2020, which you responded to – thank you. However, another part of the story has revealed itself – see bottom of original question:- My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and …
Question My client inherited a beach house in 1975. This house was his main residence until 1982 at which time he and his new wife bought a bigger city home together. They kept the beach house – it was never rented out ever – it has only ever been for private family use. In 2012, …
Question Capital Gain in a Trust with revenue losses. Trust has only one beneficiary. Trust has revenue loss for the year of $29,788 with a Gross Capital Gain of $200,000 on the sale of the Business. Therefore accounting distribution is $170212. Tax return has a Capital Gain (Net after discount and active asset reduction) of …
Question We moved to Australia in 1996 and would have continued to do so today but my elderly mother-in-law required looking after and we went back to New Zealand in 2007. During those 11 years in Australia we bought approximately $100,000 of shares (under my wife’s name) and now these shares are worth around $190,000. …
Question I have two rental on the Gold Coast,one will have a capital gain,the other a capital loss,both properties have always made a loss.As I’m a New Zealander can these losses be used against the capital gain. As New Zealand an Australia have double tax agreement what tax rate would I be taxed if I …
Question This is a question about possible CGT liability on death of a partner. I have set out a fair bit of detail – the actual question is way down at the end… So Dad died recent 20th April 2018 aged 97. He and Mum lived at Bribie in a house they bought together as …
Question Here are the underpinning facts (I hope I have covered all that you need): My new wife bought her home (small townhouse on a very small residential block) in Feb 2005 for $330k – and moved into it immediately after settlement as her principle residence In Feb 2014 – my new wife moved in …
Question My land where I live could be subdivided into 2 separate side-by-side lots but the problem is that my house is “in the way,” as it sits in the centre of my block. If I demolished the existing old house, built a new home on ONE block and move in to the new home, …
Question I have three properties, they are as follows: One, was my principal place of residence but is now rented out, I have owned it for 12 months and it has appreciated by around 150K. (Purchased off the plan). Another, owned for 12 months small appreciation, currently rented, Investment property only. The third, currently under …
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