About 6 years ago we sold a property to our daughter for 125k which had market value of 255k. ( we paid capital gains on 255k value). The difference of 130k was a gift.
Our daughter rented out the apartment for the first 2 years and has lived there since as her principal private residence.
The question is, if she sold the apartment would she pay capital gains tax on the 2year rental period and if taxable would her cost of acquisition be deemed be 125k or 255k?
Would appreciate any advice.
Our daughter rented out the apartment for the first 2 years and has lived there since as her principal private residence.
The question is, if she sold the apartment would she pay capital gains tax on the 2year rental period and if taxable would her cost of acquisition be deemed be 125k or 255k?
Would appreciate any advice.