I bought a unit which I still live in (bought with 1st home buyers grant). I bought it about 1 year ago, and 6 months ago I started renting one of the rooms in the two bedroom unit to someone else.
I basically have two questions:
1. How long do I have to have lived in the property (ie. been principle place of residence with no investment portion) without having to pay capital gains tax if I sell. 3 Months?
2. If the second bedroom is a little smaller than mine, can I claim most of my available tax deductions as 50/50 (ie. half the bedrooms in the investment property) or does it have to relate to the size of the rooms ie 40/60?
Many thanks
Nathan
I basically have two questions:
1. How long do I have to have lived in the property (ie. been principle place of residence with no investment portion) without having to pay capital gains tax if I sell. 3 Months?
2. If the second bedroom is a little smaller than mine, can I claim most of my available tax deductions as 50/50 (ie. half the bedrooms in the investment property) or does it have to relate to the size of the rooms ie 40/60?
Many thanks
Nathan