Where a Single Homeowner Dies in 2014 and Bequests Their

question 24

Multiple Choice

Where a single homeowner dies in 2014 and bequests their family home which was originally purchased in 2001 to a beneficiary:

• A) the home will be subject to a potential capital gains tax liability if sold by the beneficiary within 1 year following the death of the homeowner using the original purchase price as the cost base.
• B) the home will be exempted from a potential capital gains tax liability if sold by the beneficiary within 2 years following the death of the homeowner.
• C) the home will be valued at its market value at the date of death of the homeowner and subject to sale on any subsequent disposal by the beneficiary.
• D) none of the above.

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