Dear papa passed on 21 Feb 2019, and in his will, he left me everything, which was essentially our family home, the household effects and his car. Naturally of course, papa requested I take care of my mamma who receives an old aged pension. ($24,770 for 2020). After the funeral, it took some time to go through all the household effects while also dealing with the grief and emotional issues. Mamma eventually accepted that I should sell everything (but she kept her favourite kitchen appliances and some sentimental things like photos), and as I was sorting things, it gave me time to also locate the appropriate paperwork. Mamma now lives with me and my family. We love her with us, and she loves Giorgio, our son.

I used the money generated from the inheritance to create the family trust business including investing in BHP Shares and bought a rental property.

I sold the following assets I received from my inheritance. Please confirm if there is a tax impact as I figure I must include a lot for the capital gains.

• House - Dad purchased our family home in 1990 for $135,000 and there were $5,000 of costs to buy and register it in his name. Its market value at the date of death was $800,000 I sold it in October 2019 for $835,000 and there were $15000 costs for sale. So that is a massive gain, but I heard I am eligible for 50% discount - right?
• Household furniture and goods – I reckon the cost of these was in the order of $11,000, and I was so surprised that I sold them for $12,500 in July 2019. So that’s $1,500 gain - right?
• Dad’s Alpha Romeo - Back in 1990 dad purchased a new Alpha Romeo for $46,990 drive away price. But I only sold it for $9,990 in August 2019. A big loss, right?

Answer rating: 100% (QA)

House Taxable price net proceeds from saled marketplace fee on the date of dying 83500... View the full answer