My Husband and I purchased property #1 (contract signed late April + settled mid June) in 2024, we received early possession around May due to delays to settlement on the sellers behalf and we've lived in the property since.
We are now looking to move closer to our place of work in ~Feb 2025 and I just wanted to verify my understandings of the main residence "6 year rule" prior to making a decision on whether to buy or rent for 2025.
- Are we eligible for the 6 year rule after living in the property for approximately 7-8 months from the settlement date (it appears we would be based on the below links)
- If we purchased an apartment to live in, closer to our place of work, for the next couple of years are we still able to use property #1 as our main residence for tax purposes (up to 6 years)?
- We would choose to rent if we couldn't use the 6 year rule for property #1 whilst also living in an owner occupied apartment.
- I understand you can only use the 6 year rule for one property at a time
- Would we be able to negatively gear property #1 whilst also using the 6 year rule? (appears so based on the below link)
We would like to retain property #1 as our main residence for tax purposes as this is likely to be most financially beneficial for us, additionally we may move back into property #1 within the next 6 years (but this is very uncertain given our professions)
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