Title: Understanding Tax Implications for Inherited Property in Australia
Danny bought a house in 2002 and lived there until 2008 when he moved abroad. After his passing in 2019, his daughter Katie inherited the property. Here's what you need to know about the tax implications:
Danny lived abroad when he died, so his previous residency period doesn't count for tax benefits. However, Katie, being a resident, can claim some Main Residence Exemption (MRE) benefits from the time she moved in until she sold the property.
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