To calculate capital gains tax on investment property, you will need to determine the cost basis of the property, which is typically the purchase price plus any improvements or renovations made to the property.

Subtract the cost basis from the sale price of the property to determine the capital gain. The capital gain is then subject to the capital gains tax rate, which is typically lower than the ordinary income tax rate.

However, if you've held the property for over a year, you may qualify for the long-term capital gains rate, which is typically lower than the short-term rate.

Be sure to consult a tax professional or the IRS for more information on how to calculate capital gains tax on an investment property.

To report and pay capital gains tax (CGT) to the Australian Taxation Office (ATO), you will need to complete a tax return and include the information about your capital gains or losses.

You will also need to calculate the amount of CGT you owe and pay it to the ATO by the due date. You can report and pay CGT through the ATO's online services, by lodging a paper tax return, or through a registered tax agent.

When gifting or inheriting assets that are subject to capital gains tax (CGT), the tax implications will depend on the specific circumstances of the transaction.

If you gift an asset, you will not be liable for CGT on the asset at the time of the gift. However, the person who receives the gift will be liable for CGT if they later sell the asset and make a capital gain. They will also be able to claim a cost base equal to the market value of the asset at the time of the gift.

If you inherit an asset, you will generally not be liable for CGT on the asset until you sell it. However, the value of the asset at the time of the deceased's death will be used as the cost base for the asset for CGT purposes.

This means that if the asset has increased in value since the deceased acquired it, any capital gain made on the sale of the asset will be calculated based on this higher cost base.