My wife and her brother were gifted their parent's house in September 1994. It has not been their permanent residence.
In March 2016 my wife purchased her brother's half share of the house for 20k and is now the sole owner. Her brother is now deceased.
She is now about to sell the house for 85K and for capital gains purposes a valuer has identified that the property would have been worth 32k when it was gifted. The gain would be 53k.
Expenses involved with the sale are 2.23k
Based on these figures can someone advise on how much capital gains my wife would be liable for? Does she deduct the 20k that she used to buy her brother's share as an expense and is his share of the CGT taken into account.
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