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My wife is divorcing me, we have been married for 45 years…

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My wife is divorcing...

My wife is divorcing me, we have been married for 45 years and through my effort alone I have acquired several rental properties, when the asset base was calculated by the family court my wife has stated she wants hals and has selected my most valuable properties. The first being the marital home and the others two units that I build myself to save costs. My question is I believee am aware that if I transfer the marrital home to her

Accountant's Assistant: The Expert will know how to help. Is there anything else important you think the Expert should know?

I did not finish the question, MY concern is with regard to capital gains, had never intended selling these properties and had listed them in y will to my children. If the court orders that I have to hand over these properties to my wife what are the implications with regard to capital gains.

Submitted: 9 months ago.Category: Tax
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9/23/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 9 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Hello. Thank you for choosing this Q&A service for assistance. My name is Angela. I will be assisting you.

In order to better assist you, I need to know what country you're in. Please advise.

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Customer reply replied 9 months ago
AUSTRALIA
Tax Professional: Tax.appeal.168, Tax Accountant replied 9 months ago

Hello again.

If the court orders that you have to hand over the properties, capital gain exempt. SEE BELOW:

Capital gains and losses related to the dissolution of a marriage or de facto relationship are exempt from capital gains tax until the receiving spouse sells the property and then the receiving spouse is responsible for paying the capital gains tax.

REFERENCE SOURCE:

https://mathewsfamilylaw.com.au/tax-implications-and-divorce/

You may wish to take a look at the information at the following link as well.

https://damiengreer.com.au/quick-guide-tax-family-law-property-settlement/

If I have clarified matters for you, I ask that you be so kind as to scroll to the top of the page and select 3 or more stars to positively rate my response so that I can receive credit for assisting you. A 5 star rating is most appreciated. Thank you in advance.

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