My question is in relation to Investment Properties, and how to determine to what extent capital gains would still be applicable if that investment property later became your main residence.
The situation is as follows:
Purchased the property in 1996 with the intention of it being my main residence, however due to circumstances ofthe former owner, they requested to rent back the property for a short period of time. Eight weeks, became 3 months, and eventually became 4 years!
I moved into the property at the first opportunity after their departure of the original owner in 2000, and have lived there ever since. So I have owned the property for almost 24 years, having rented it for 4 years, and lived in it for 19 years.
Would capital gains still be applicable if I sold the property now? If so, how can I best determine what portion of any gain would be subject to Capital Gains Tax?