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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44191
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I am the executor of a deceased estate of which i am in

Customer Question

I am the executor of a deceased estate of which i am in title to 45% my sister 45% and my brother 10% the only asset the asset really has is a house worth approximately $1.6 million and $100 000 dollars cash. My question is that is if i pay my siblings out in cash for their share of the estate would i have to pay stamp duty on the sale of the house, it is my understanding that properties that are inherited don't attract stamp duty or would i have to pay 55% of the portion of the house that i purchased? thank you Lucy
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.

There is no stamp duty payable on the house it is an exempt transfer because it is under a will.

You have to apply for probate of the will though.

Once you get probate then you are officially appointed as the executor and you can follow the will.

If you buy out the others of their share of the house then you will have to pay stamp duty for that because that is a sale.

Only if you transfer to the house to the beneficiaries is it exempt of stamp duty.

I hope this makes sense and is of assistance. If there is nothing further

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