Capital gains tax is a charge you pay the authorities on any property you buy, no matter what its age. The age of the property could be the difference between paying nil tax or paying thousands of dollars in capital gains tax. If you have inherited property, it could potentially be held for some time, allowing you to pay your capital gains tax bill on it, but this time you might not get to enjoy it fully. If you want to avoid paying capital gains tax on the inherited property then one of the best ways to do this is to discuss the options open to you with your accountant and let him advise you on the best course of action. Bearing in mind that he will be paid for his advice, asking questions can be a worthwhile exercise that could lead you to the outcome you are hoping for.