This forum is fantastic – there is so much information here which leads to more questions such as one below –If I move into my IP after the tenant moves out and make it my primary residence and then maybe after 3-4 years decide to sell it, what would be the CGT implications?
Would I be able to claim CGT exemption as it being my primary residence?Bid1006,
Unfortunately, you will be liable for CGT but only for the period in which the property has been tenanted. Although, I believe that if this period is less than 6 years (will have to check that, as my husband was in the same situation before we married) it is reduced somewhat… will get back to you on that.
Jo
Bid, if you rent the house for a year, and then live in it for 3, you will pay CGT on that proportion it was a rental ie. 1/4 of the time you owned it. It’s a real bummer if you bought before a boom, with no CG in the time it was a rental, but heaps while you lived in it. You still get slugged for 1/4 of the growth [
]Cheers
Mel
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