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This site is full of so much usefull info.Thanks for link! I am moving into another house which I will have to call my PROR
It is hard, I had planned to keep it. It is a good property and am sure if I hold it will appreciate in the future. But would hate to loose the $150,000 tax free gain and then have to pay tax on it if sold further down the track. This gain has been in the last 6 years and I really doubt it will be the same in the next 6 years or even 10.
To add to that the neighbours sold there apartment last week.
They are exactly the same so I know what the value of the one sold isThanks for the link. It is a hard one I have been advised by differant accountants differant ways
1. get the valuation when you move out. Then this valuation can be used in the futrue when the property is sold. Eg CGT is from the valuation on moving out to the date of sale.
2. If you live in the property for 4 years and rented it out for 6 years CGT would then be the propotion you rented it out eg 60% a capital gain of 400,000 would then be 240,000.Thanks for the adivce. I think I will go for the valuation so it will be all in writing although the real estate Idea is good to they do always aim for the higer price and they have just put the apartment next door to me on the market and a very high price it is the same as mine.
Thanks for that Sir Bob
Actually how long does the diploma in property go for and where is it held? I wouldn’t mind doing it myself! I have done the real estate agents rep course to. I think it is always good to learn things!
If you are really interested in property the more you learn the better. You will be more confident and have a better feel for property. I love property and completed several single subjects in the Bachelor of Property. It was good for me but not about investing. There are loads of books on the market if you want to self teach yourself on investing. There are all differant opinions on which was it best so I suppose you just fall into what is best for you.
Jarrah,
Think you have a good point there a lot of poeple could be doing it for tax reasonsIf on paper… bills, mail box and lease agreement going to the apartment I rent to him
And me having my own billls in my name coming to my own house It should be ok I think.???
I got legal advice a few years ago as we were going to move in together. But i couldn’t do it. The rule is you only have to be living together for 6 months as a de facto.( I am not sure if he is renting out an IP of yours and you living in your own house though???) You can get a de facto agreement drawn up and these generally stand if went to court although things would change if you were say .living de facto for 10 years and had dependants. That is what I was told anyway. In saying that I have never heard of a de facto couple fighting over assets.
Thanks I think getting it valued would be a good idea may have more options later. Any one know a good valuer?
Thanks for your adivce. It is hard to find a good PM I really tried hard and interviewed a lot before i went with this one. And I didn’t realise when i signed up the lady i thought i signed with just went out and got the business. I was then passed to a PM I didn’t know.
My accountant said i could get a valuer value the place on moving out and then when the time comes to sell you would pay capital gains tax on the value of the property on moving to the day of sale. I just wanted to confirm this with property experts?
I have also heard it is pro rato. E.G. Own property for 20 years lived in it for 10 rented it out for 10 years. Therefore capital gain is half.Eg capital gain of 300,000 is 150,000 as percentage of principle place of resinance is 50%????
Any of these right?
If i got an idependant valuation now would i have to pay capital gains tax on the gain I have in the last 6 years that I have been living there?
I would like to keep this property for long term ….but my worry is the gain in the last 6 years has been considerable and i would hate to have to pay capital gains tax on it in the future. It has been my only residance in the last 6 years. But I have bought another property and will move into the bigger property now while keeping my old apartment.
I was going to get a lease drawn up and also send a bond to the REIV. If we did happen to split further down the track there is no way he could claim half the apartment? Living as a de facto? I will be living in another suburb in my own house.
