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Capital gains tax is a complicated area of Tax Law that must be applied carefully to identify the correct result when determining whether or not capital gains tax applies to a particular transaction. Inheritance is one of the trickier areas of capital gains tax. You must keep special records in relation to the acquisition of a capital gains tax asset through inheritance, except when it is a pre-CGT asset that you acquired before September 20, 1985.
In this case, you should know if the person you inherited it from acquired the property before September 20, 1985. You should also collect information about the estate value of the property on the day you died. In many probate matters, there will be an appraisal of a property from the time the person passed away. It is the amount of the cost of the asset at the time of acquisition. You will need to obtain an appraisal of the asset to accurately value it at the time of death.
However, if it was not a pre-CGT asset to the person who dies, you may need details of all the relevant costs it incurred, as well as those incurred by the trustee, who should be able to provide you with adequate information relating to this. It is important to note that if you inherited a home after August 21, 1996 that was the principal residence of the person you inherited it from, you can claim a full exemption from CGT on the asset as long as you have a proper valuation.
So as you can see, if you are inheriting something from someone, CGT can be a very serious concern if you want to sell the asset for cash. You should definitely seek legal advice on something like this if you have any concerns about it.