Any advice for this scenario would be great thanks
Sequence of events are;
-Settlement for subject apartment was in January this year. Purchase price $295k
-I had to honour an existing lease for 6months
-I moved in for 2.5months (July - mid-September) and completed significant renovations e.g. new kitchen, bathroom, paint, carpet, curtains and wardrobes.
-I've rented it out since mid-September.
-I've now had the apartment revalued with local agents at $350k.
In my opinion the capital gain has occurred from the renovation improvements while I was living in the apartment for 2.5months. Not much gain while it was rented.
Can I set the new cost base at $350k for CGT when I sell?
Would local agents values be sufficient or would a professional valuer be required for this one - my aim is to prove the capital gain occurred while I was living in it, not while it was being rented, to reduce CGT. Thanks
Sequence of events are;
-Settlement for subject apartment was in January this year. Purchase price $295k
-I had to honour an existing lease for 6months
-I moved in for 2.5months (July - mid-September) and completed significant renovations e.g. new kitchen, bathroom, paint, carpet, curtains and wardrobes.
-I've rented it out since mid-September.
-I've now had the apartment revalued with local agents at $350k.
In my opinion the capital gain has occurred from the renovation improvements while I was living in the apartment for 2.5months. Not much gain while it was rented.
Can I set the new cost base at $350k for CGT when I sell?
Would local agents values be sufficient or would a professional valuer be required for this one - my aim is to prove the capital gain occurred while I was living in it, not while it was being rented, to reduce CGT. Thanks