Dave Lumby
Joined: 4/29/2024
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RE: Deductible Items from calculating the capital gain
My parents transferred the ownership of their house (at zero cost) to my brother and me in 1992. Dad passed away in 1998 but Mum remained in the house (living there rent-free) until her passing at the end of Jan 2024. We are currently in the process of selling the house but I'm unclear whether capital gains will be charged on the final sale value (less allowances) or whether the sale value is reduced by the value in 1992?