hi all,
long time since ive posted
we are currently looking at a dipilated house to possibly knock down and rebuild as our dream home.
we currently have our ppor which we will eventually sell when our dream home is built.
assuming that the dipilated house is never tenanted, is there any way to get around the cgt and if not how does it work at the end of the day? for eg, if dipilated house costs $500k and 3 years later we build our dream home at a cost of another $500k and then 5 years later we sell for for $1.5m, what am i actually paying cgt on bearing in mind that at no pt did the property generate an income?
thanks,
julie
long time since ive posted
we are currently looking at a dipilated house to possibly knock down and rebuild as our dream home.
we currently have our ppor which we will eventually sell when our dream home is built.
assuming that the dipilated house is never tenanted, is there any way to get around the cgt and if not how does it work at the end of the day? for eg, if dipilated house costs $500k and 3 years later we build our dream home at a cost of another $500k and then 5 years later we sell for for $1.5m, what am i actually paying cgt on bearing in mind that at no pt did the property generate an income?
thanks,
julie