Hi there - I'm new here but have been reading some of the good advice on these forums and was hoping someone may be able to help.
I own a house with a granny flat which I need to sell to reduce my mortgage on my now primaruy residence in a different state.
Info: House bought in Aug 2001. I lived upstairs up to July 2006 and rented downstairs unit (50% of dwelling) during this period, following which I rented out the whole of the house and it remained rented up to now. Tenants vacate next week & house will be listed for sale. In Dec 2008, I bought another house as my primary residence.
Round figures I paid around $120k and will look at selling for $450k.
Can I claim a part or all of it for a period as my primary residence? How much roughly would my CG liability be?
Any advice or help would be greatly appreciated. Thanks in advance!
I own a house with a granny flat which I need to sell to reduce my mortgage on my now primaruy residence in a different state.
Info: House bought in Aug 2001. I lived upstairs up to July 2006 and rented downstairs unit (50% of dwelling) during this period, following which I rented out the whole of the house and it remained rented up to now. Tenants vacate next week & house will be listed for sale. In Dec 2008, I bought another house as my primary residence.
Round figures I paid around $120k and will look at selling for $450k.
Can I claim a part or all of it for a period as my primary residence? How much roughly would my CG liability be?
Any advice or help would be greatly appreciated. Thanks in advance!