All Topics / The Treasure Chest / Negative gearing and CGT

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  • Profile photo of ziggycooperziggycooper
    Member
    @ziggycooper
    Join Date: 2003
    Post Count: 0
    February 15, 2003 - 3:11 am

    Hi all,

    I have recently bought a property which I am living in and therefore being my primary residence will be exempt from CGT. However, after 4 months I am finding it too expensive to live in and would like to rent it out.
    Can I move out now and rent it out and negative gear it, and still be exempt from CGT if
    I sell it in the next couple of years?? If not, how long must I live in it for it to be claimed as my ‘primary residence’?

    Many thanks
    Ziggy

    Profile photo of TheBTheB
    Member
    @theb
    Join Date: 2002
    Post Count: 135
    February 17, 2003 - 4:27 am

    Hi Ziggy

    “Consult the professionals!!”

    I reckon that you should make a phone call to your solicitor (who helped you when you purchased), and your accountant, to get confirmation as to what will happen.

    the Bruce [:)]

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