One of our IP’s was our home for 12 years, if I was to sell it to a trust would I be up for CGT? It has not been our primary residence for 5 years.
Hi,
A quick check on the ‘main residence’ provisions seems to indicate that you are allowed up to six years if the dwelling is used for income producing purposes.
Something interesting though, if the property is not used for income producing purposes then it can be treated as the taxpayer’s main residence indefinitely!
For the specifics see a tax accountant.
Cheers,
There is a law about the length of time a property has not been a PPOR, but I’m not sure
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
You’ve got 6 years after moving out. However if you moved into another house that you own, you need to choose which one was your PPOR for the period. Then if you sell the second one, you have to pro rata for the Capital Gain.
Cheers
MelDavid, it also may depend on if you wish to class another property as your main residence for the same period.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
You must be logged in to reply to this topic. If you don't have an account, you can register here.
