Just wondering what capital gains tax is in a simple definition?…..
and how it affects selling property?
And have i got the rule right?…. if u live in the property for 12months or more, then sell within 5 yrs of that time u lived in it, you avoid CGT? How does that work?…..
ThanksThis is assuming you do not go and by another residence that you use as your principal place of residence. If you do then the original home will be pro rated on how long it is rented for vs the time you lived in it. I think this is correct.
I love Smart Money and thought you might be interested in reading up on the subject for US tax laws. I’m not sure where you’re from, but I hope this helps:
http://www.smartmoney.com/tax/capital/index.cfm?story=capitalgains
Derek Guyer
http://www.landchasers.com
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