Hey, just after some advice on CGT please.
We bought a house in August 2013, moved in and lived in it for a few years. It's been rented out since October 2017.
we bought another house in August 2020.
we are now looking at selling our first house.
will we need to pay CGT? If so can we get some exemption as it was our main residence for a long time?
thanks bec
will we need to pay CGT?
You need to see a tax agent and do the numbers on the options available
e.g. whether it is better to pay CGT on the first house or the second.
If so can we get some exemption as it was our main residence for a long time?
Yes, and you will need a valuation as at the date the property was first rented.
Yes, you will most definitely be paying CGT but it will be on the gains made from when it was first rented out rather than on the original purchase price.
will we need to pay CGT?
You need to see a tax agent and do the numbers on the options available
e.g. whether it is better to pay CGT on the first house or the second.
If so can we get some exemption as it was our main residence for a long time?
Yes, and you will need a valuation as at the date the property was first rented.
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