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Hi everyone,
hope someone can help me with this, we recently purchased a new house to live in , our intention was to sell our previous house but have found it impossible to achieve a desired price so am thinking of renting the old house out until market improves. We bought the house in 2007 and have lived in it until this year so around 15 years, my question is if I give it to a rental company and say rent it for 2 - 3 years then sell, will I have to pay any capital gains tax and if so how much, many thanks if someone could help, best regards Steve.
hope someone can help me with this, we recently purchased a new house to live in , our intention was to sell our previous house but have found it impossible to achieve a desired price so am thinking of renting the old house out until market improves. We bought the house in 2007 and have lived in it until this year so around 15 years, my question is if I give it to a rental company and say rent it for 2 - 3 years then sell, will I have to pay any capital gains tax and if so how much, many thanks if someone could help, best regards Steve.