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From: David Hepburn
We are currently building a dual occupancy (Duplex) in partnership with another couple. We plan to keep our half but have a question with the CGT. When it's completed, we estimate there could be as much as $100k gain after costs.
We plan to sell it but need help on the timing of selling it. If we live in it from day 1 for more than 12 months then its our primary place of residence and therefore no CGT applicable. What if however, we plan to travel for 12 months as soon as its finished, rent it out during those 12 months, then live in it after that for 12 months then sell it. What happens to the $100k gain when we sell it?
Thanks in advance.
We are currently building a dual occupancy (Duplex) in partnership with another couple. We plan to keep our half but have a question with the CGT. When it's completed, we estimate there could be as much as $100k gain after costs.
We plan to sell it but need help on the timing of selling it. If we live in it from day 1 for more than 12 months then its our primary place of residence and therefore no CGT applicable. What if however, we plan to travel for 12 months as soon as its finished, rent it out during those 12 months, then live in it after that for 12 months then sell it. What happens to the $100k gain when we sell it?
Thanks in advance.
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