Capital Gains and Losses

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Will capital gains tax have to be paid if a property in the…

Customer Question
Will capital gains tax...

Will capital gains tax have to be paid if a property in the family trust is to be transferred to individuals in that trust. Will be part of a court settlement .

Accountant's Assistant: What are the assets or property for this capital gain?

1 house worth $1,200,000.

Submitted: 2 months ago.Category: Capital Gains and Losses
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Customer reply replied 2 months ago
I am from Australia
Answered in 1 day by:
5/27/2018
Tax Expert: Rachel-Mod, Moderator replied 2 months ago
Rachel-Mod
Rachel-Mod, Moderator
Category: Capital Gains and Losses
Satisfied Customers: 6
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Hello,
Welcome to JustAnswer. My name is ***** ***** I am the category moderator.
I notice that your question has been sitting for a while without a response.
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Tax Expert: Andy4712, Tax Attorney replied 2 months ago
Andy4712
Andy4712, Tax Attorney
Category: Capital Gains and Losses
Satisfied Customers: 776
Experience: Tax attorney experience in dealing with business law.
Verified

It depends upon the type of trust:

https://finance.zacks.com/money-revocable-trust-inheritance-taxable-8028.html

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Tax Expert: Andy4712, Tax Attorney replied 2 months ago

Here is some info:

https://www.ato.gov.au/General/Trusts/Trust-capital-gains-and-losses/

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