All Topics / Legal & Accounting / Help the auctions tomorrow!

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  • Profile photo of gettin startedgettin started
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    @gettin-started
    Join Date: 2010
    Post Count: 2
    September 24, 2010 - 9:12 am

    Hi,

    I'm desperate for some help. The auction is tomorrow and we need to decide if we are going to buy!

    My partner owns a property (A) and we want to purchase another house (B). House (B) will be purchased as a shared property between us and I have never owned property before.

    If property (A) is my partners principle place of residence and property (B) is my principle place of residence when we sell property (B) and move back to property (A) before 6 years do we pay capital gains tax on the whole amount of property (B)'s growth or just my partners share?

    Also, how much is CGT? Is there a general rule or percentage to work it out?

    Anyones experience is highly appreciated!

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