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I lived in my unit 3 years then rented it out 1 year. Then sold it.

Initiate

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What percentage is my CGT for 1year of being rented after I lived the first 3 years in it. Now sold

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Taxicorn Registered Tax Practitioner

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What percentage is my CGT for 1year of being rented after I lived the first 3 years in it. Now sold

 

That would depend on whether you moved into another main residence while the property was rented.

 

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Most helpful response

Taxicorn Registered Tax Practitioner

Replies 4

What percentage is my CGT for 1year of being rented after I lived the first 3 years in it. Now sold

 

That would depend on whether you moved into another main residence while the property was rented.

 

Initiate

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I need to adjust I actually lived in the said unit for 4 years then rented it out for 1 year.

Yes I've moved into another Which is now now permanent residence ..

thanks for the reply.

 

Taxicorn Registered Tax Practitioner

Replies 2

I need to adjust I actually lived in the said unit for 4 years then rented it out for 1 year.

Yes I've moved into another Which is now now permanent residence ..

 

Then your first property can be viewed as ceasing to be your main residence when you rented it out.

 

You will need a valuation for the date that it was first rented  -  that replaces the purchase price and any other costs up to that date in the CGT cost base of the property.

 

It is also possible to treat as main residence up to disposal, but that will mean that your new property can never be 100% tax-free as a main residence.

 

It can be complicated, so you should go to a tax agent with this.

 

 

 

 

Initiate

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Just confirming. That although I live in it for 4yrs prior I can't be a percent for CGT..?

 

I purchased my permanent place of living in now at the same time. It was rented out during that said 4yr period I now call it home ie.1yr.

Q. will my now permanent unit be subject to CGT also even if my home for 10yrs or so.?

is there any proportions percentage leeway. 

 

 

Taxicorn Registered Tax Practitioner

Replies 0

Just confirming. That although I live in it for 4yrs prior I can't be a percent for CGT..?

 

I purchased my permanent place of living in now at the same time. It was rented out during that said 4yr period I now call it home ie.1yr.

Q. will my now permanent unit be subject to CGT also even if my home for 10yrs or so.?

is there any proportions percentage leeway. 

 

You cannot rely on any answers if you do not provide all the relevant information.

It appears that the first property could be tax-free as a main residence if you elect that is your main residence till it is sold, and that you were tempraily absent.

 

The second property can never be free of CGT.

 

Once again, you need to go to a tax agent in order to ensure that you get the best result  -  based on a proper examination of your tax poistion with all the facts.