I bought my home two years ago and have lived in it since. However, it is too far from my office and my employer no longer allows me to work from home. I am considering renting out my home and renting a small apartment near my work.
I have read about the six-year rule exemption, which allows me to live away from my home and rent it out while still avoiding capital gains tax when I sell it.
My questions are:
- Can I claim loan interest as a deduction while treating my rented-out home as my main residence under the six-year rule and still be exempt from capital gains tax?
- Should I declare the rent that I receive as income?
- Can I claim depreciation and other costs, such as council rates, on my tax return during these years?
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1,073 views
3 replies