Hello, i have moved into an Aged Care home. I wasn't sure if i would like it, or if i would move back home. How long do i have to sell my home? Is it 6 years?
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1 replies
It depends on if you are renting out the home while you aren't living in it.
Assuming the house is eligible for main resident exemption now, if you don't use it to produce income and you don't buy another main residence, you can continue to treat it as your main residence indefinitely and you won't pay CGT.
However, if you do use it to produce income (e.g. rent it out) you can only continue to treat it as your main residence for up to 6 years and be fully exempt from CGT. But remember you will get a partial exemption for all of the years it was your main residence in this scenario.
Hope this helps! All the best with the move.
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It depends on if you are renting out the home while you aren't living in it.
Assuming the house is eligible for main resident exemption now, if you don't use it to produce income and you don't buy another main residence, you can continue to treat it as your main residence indefinitely and you won't pay CGT.
However, if you do use it to produce income (e.g. rent it out) you can only continue to treat it as your main residence for up to 6 years and be fully exempt from CGT. But remember you will get a partial exemption for all of the years it was your main residence in this scenario.
Hope this helps! All the best with the move.
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