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From: Anonymous
I buy an investment property, how long before I can move in myself and use it as my own home without returning the deductions I made to the taxman? Surely I can't buy one day and move in the next day. Having said this I have rented an IP for 5 years, I want to move in and make it my home. How long before I can sell it as my home and pay no CGT?
Could I do the following:-
Buy an IP, have my postal address as my parents or friends house, have a PO Box.
"Renovate" the IP, and have a bed, TV, Fridge etc there (you know for those late night renovations) after 12 months rent it out after buying another IP. After 20 years move back into IP number one. Live there prior to selling the "IP".
Is this possible and worthwhile?
Scott
I buy an investment property, how long before I can move in myself and use it as my own home without returning the deductions I made to the taxman? Surely I can't buy one day and move in the next day. Having said this I have rented an IP for 5 years, I want to move in and make it my home. How long before I can sell it as my home and pay no CGT?
Could I do the following:-
Buy an IP, have my postal address as my parents or friends house, have a PO Box.
"Renovate" the IP, and have a bed, TV, Fridge etc there (you know for those late night renovations) after 12 months rent it out after buying another IP. After 20 years move back into IP number one. Live there prior to selling the "IP".
Is this possible and worthwhile?
Scott
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