Hello All
I have a question about a way of saving Capital Gaines Tax.
I have owned an investment property for more than 6 years. When I acquired it I immediately rented it, and therefore I am not eligible for any CGT exemptions. I currently live overseas, and I am planning to come back to Aus.
If I was to move into the property for at least 6 months as my Primary Residence, and then move out, would I be able to claim it as my Primary Residence from the time I moved in and get the capital gains tax savings? ie, I live in it for 6 months, then rent again for maximum 6 years, but it is still my Primary Residence. Then move back for a period of time and sell it. Would those 6 years be recognised as time I am legible for the tax reduction, or am I stuck because I did not live in it when I made the original purchase?
Thanks
Eric
I have a question about a way of saving Capital Gaines Tax.
I have owned an investment property for more than 6 years. When I acquired it I immediately rented it, and therefore I am not eligible for any CGT exemptions. I currently live overseas, and I am planning to come back to Aus.
If I was to move into the property for at least 6 months as my Primary Residence, and then move out, would I be able to claim it as my Primary Residence from the time I moved in and get the capital gains tax savings? ie, I live in it for 6 months, then rent again for maximum 6 years, but it is still my Primary Residence. Then move back for a period of time and sell it. Would those 6 years be recognised as time I am legible for the tax reduction, or am I stuck because I did not live in it when I made the original purchase?
Thanks
Eric
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