Good Morning
Just a quick question in regards to CGT. Im quite sure I know the answer but just checking.
We bought an IP 18 months ago which has gone up considerably in value & has been rented the whole time, since day 1. In that time, our PPOR value has not moved. We will be selling the PPOR in 1 years time if we can get enough for it, and move into the current IP, which will then be the main residence from that time.
Now usually you can nominate a main residence providing you lived there first.
So from my understanding, I cant sell the PPOR and nominate that for CGT (which would be $0 in that time) can I, because the other house was a rental from day 1?
Just a quick question in regards to CGT. Im quite sure I know the answer but just checking.
We bought an IP 18 months ago which has gone up considerably in value & has been rented the whole time, since day 1. In that time, our PPOR value has not moved. We will be selling the PPOR in 1 years time if we can get enough for it, and move into the current IP, which will then be the main residence from that time.
Now usually you can nominate a main residence providing you lived there first.
So from my understanding, I cant sell the PPOR and nominate that for CGT (which would be $0 in that time) can I, because the other house was a rental from day 1?