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Tax Implications Query

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  • Tax Implications Query

    Hi there
    I'm a new member to PropertyTalk and have a query which, while not directly related to Property Investment, will undoubtedly have an impact on our business.
    We have a number of rental properties which are run under an LAQC set-up. Recently my mother-in-law died leaving my wife a 1/3 share in her home which is currently on the market. We are keen to learn what the tax implications are for income derived from the a sale of the property, expected to be in the region of 65-75k .
    Any info would be greatly appreciated
    Thank you
    Tim

  • #2
    Timo welcome to Propertytalk

    Simple answer is, almost certainly no tax implications.

    There is no tainting of your investments and the sale proceeds could easily be applied to your LAQC mortgages if required

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