Capital Gains Main Residence After Death

Capital Gains  Tax Exemption Main Residence After Owners Death

After the owner's death the main residence exemption will remain where:

A.      The dwelling was acquired by the deceased before 20 September 1985 and

1. The beneficiary or trustee's ownership interest in the dwelling ends within two years of the deceased's death, or
2. The deceased's spouse living with the deceased at death, an individual who has a right to occupancy under the will, or an individual to whom the ownership interest passes as a beneficiary, continues to use the dwelling as their main residence and then it is disposed of.

B.      The dwelling had been acquired by the deceased on or after 20 September 1985 and was their main residence and was not immediately before death being used for an assessable income producing purpose and

1. The beneficiary or trustee's ownership interest in the dwelling ends within two years of the deceased's death, or
2. The deceased's spouse living with the deceased at death, an individual who has a right to occupancy under the will, or an individual to whom the ownership interest passes as a beneficiary, continues to use the dwelling as their main residence and then it is disposed of.