I currently own a house, and it's been 3 years since I built it. It's my first and only home. If I decide to sell it after few years, will I get a capital gain tax on the profit made?
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Hi @Wenyifan,
If the home you’re selling is your main residence and you’ve lived in it the entire time you’ve owned it, you’re generally exempt from paying capital gains tax (CGT) when you sell it. This is known as the main residence exemption. Check out the link to read more about how the exemption works and what conditions apply.
Based on what you’ve shared, you’re likely eligible for the full exemption, meaning no CGT would apply on any profit you make when you sell. There are some exceptions though, like if you’ve used part of the home to run a business or rented it out.
Hi Jennifer
Thank you for the reply. I am getting this property after divorce and financial settlement. So, I will be buying my ex out by paying his 50% of the property will be fully under my name, and it will be my primary residence until I decide to sell it in future. I hope this shouldn't change my situation. Please let me know. Appreciate your insight in this matter.
Hi @Wenyifan,
No, that shouldn't change anything - it sounds like the property will continue to be your main residence.
We've got more specific information about how the main residence exemption works in relationship breakdown that you might find helpful.
Also, there are some special CGT rules for relationship breakdowns. Take a look at that to read about the CGT rollover and the types of agreements it applies to.
Come back if you have more questions.
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