hi all hope you are doin fine [
]i have a question ,,, if you buy an investment home and you have had it for say over a year ,,could you then move into it and live there for a while and then sellit as your own home ,how long would you need to live in it ?and once you move in i would think you would not be able to claim any thing back on tax.also if you had some land ,you build a house and than live in it for a while would that be the same ,even though you bought the land as an investment , ive heard of people movin house every few years ??? call them unsettled maybe[]Hi,
Re: principal place of residence (PPOR) – there is no time frame established, however if questioned you will need to prove that you lived there.
Yes – once you move into it as a home then all expenses become of a private and domestic nature so no tax deductions.
Hmmmm – don’t know about the land & then house issue. That’s going to require more research, so throw that one to your accountant.
Bye
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
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Hi Trying.
According to the ATO, you only pay CGT for the period it was an investment property.
eg Rental for 1 year, private for 2 years would mean 33% of the total CGT would be payable.
Check with your accountant though – there may be ways around this….
You’re correct (nearly) – once you live there, all expenses are private (and unclaimable) EXCEPT any REPAIRS required due to being ex-rental. Keep good proof of why and $$$ though – you may need to back up your claims! THere would also be time limits on this.
Cheerio
Simon.
]i have a question ,,, if you buy an investment home and you have had it for say over a year ,,could you then move into it and live there for a while and then sellit as your own home ,how long would you need to live in it ?and once you move in i would think you would not be able to claim any thing back on tax.also if you had some land ,you build a house and than live in it for a while would that be the same ,even though you bought the land as an investment , ive heard of people movin house every few years ??? call them unsettled maybe[
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