John purchased his family home for $50,000 in 1984 on first migrating to Australia. John lived in and used the property as his main residence until he passed away in 2020 when the property was worth $250,000. In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2022, when the property was worth $275,000 Too emotional for keeping the property, Mary sold the house at auction in June 2022 for $280,000. Ignoring any capital losses (of which Mary has none), what is the amount of any net capital gain made by Mary on the sale of her inherited house? $5,000 $15,000 $30,000 $165,000 $230,000
John purchased his family home for $50,000 in 1984 on first migrating to Australia. John lived in and used the property as his main residence until he passed away in 2020 when the property was worth $250,000. In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2022, when the property was worth $275,000 Too emotional for keeping the property, Mary sold the house at auction in June 2022 for $280,000. Ignoring any capital losses (of which Mary has none), what is the amount of any net capital gain made by Mary on the sale of her inherited house? $5,000 $15,000 $30,000 $165,000 $230,000
Related questions
Question
John purchased his family home for $50,000 in 1984 on first migrating to Australia. John lived in and used the property as his main residence until he passed away in 2020 when the property was worth $250,000.
In his Will, John left the family home to his daughter Mary who received the property after Probate was granted at the start of 2022, when the property was worth $275,000
- Too emotional for keeping the property, Mary sold the house at auction in June 2022 for $280,000.
- Ignoring any capital losses (of which Mary has none), what is the amount of any net
capital gain made by Mary on the sale of her inherited house?
$5,000 $15,000 $30,000 $165,000 $230,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps