I am a 75 year old female living in an independent elderly care village. So there is no fairness to be gained. I feel uncertain about my future. I can live on my full old age pension, but I don’t want to run out of money. In this volatile world, I worry that if stocks lose their value, they will have time to recover and grow. Probably not! I have about $45,000 in cash, $65,000 in stocks, and $45,000 aside, but I have stocks, mostly ETFs, for my grandchildren. How can I increase my assets?
If you want to achieve investment growth beyond fixed deposit interest rates, you should invest in the stock market.
A hitherto strong stock market could fall in 2023 if high interest rates push the U.S. economy into recession and weaken the U.S. economy. But I think our resource sector is doing well and I think we can avoid recession. See how he’s doing since midyear, then why not invest your cash in profitable stocks or his ETFs?
My mom passed away in 2017 and her house was worth $1.42 million. The estate was finally demolished in 2021, and the house was valued at $1.2 million when she inherited half of it with her sister.In late 2022, she sold it for $1.6 million, splitting the halves for $800,000. reduced agency commissions. I’m a self-financed retiree renting a house with my wife, so I didn’t have one at the time of the sale. It also receives approximately $2,000 annually from investments. Her sister lived in this house all her life and I didn’t get any income from it. Please let me know if I need to pay any capital gains.
The house is in your mother’s name and was purchased after September 1985, and I believe she lived in a part of it unemployed. That means the house was exempt from her CGT when she died.
After that, the beneficiary of the will, your sister (who presumably did not grant her a “life estate”) continued to use the house as her primary residence, so until the ownership passed to the two of you, Completely CGT waived continued.You in 2021.
Half of your sister will remain CGT waived until she leaves in 2022. Death is now generally considered a CGT event, but not a transfer of ownership of property from the deceased’s property to the two of you. Therefore, the cost base is half the value of the house at death, or $710,000.
So the capital gain is $90,000, minus the sales commission. If the property has been owned by him for more than 12 months, the 50% discount means he will add $45,000 or less to his taxable income from 2022 to 2023.