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From: Giovanni T
Hi all,
I would love to know if anyone understands CGT and its implications on selling my own home.
I'll give the background...
Signed contract to build Nov 1999,
Had mortgage on Land Jan 2000,
Building commenced May 2000,
Moved in Dec 2000,
want to sell Jul/Aug 2001.
Question: Do I have to pay CGT on this property once it is sold? I am under the impression, firstly, as it is my primary place of residence it is exempt and secondly, if it were taxable that it is no longer taxable after a period of owning of more than a year. (which is a bit grey as I have only lived in the property since Dec)
Anyway, please help me get this issue off my mind. I look forward to hearing from the masters and mistresses out there.
Regards
Giovanni
Hi all,
I would love to know if anyone understands CGT and its implications on selling my own home.
I'll give the background...
Signed contract to build Nov 1999,
Had mortgage on Land Jan 2000,
Building commenced May 2000,
Moved in Dec 2000,
want to sell Jul/Aug 2001.
Question: Do I have to pay CGT on this property once it is sold? I am under the impression, firstly, as it is my primary place of residence it is exempt and secondly, if it were taxable that it is no longer taxable after a period of owning of more than a year. (which is a bit grey as I have only lived in the property since Dec)
Anyway, please help me get this issue off my mind. I look forward to hearing from the masters and mistresses out there.
Regards
Giovanni
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