Hello
We have just purchased our 2nd IP and are going to live in it and rent our PPOR. Can you guys advise us ( or post a link as I am sure this would have been asked before ) what exactly the rules and regs are regarding this ie do we have to live in it for up to a certain amount of time ? and how will this affect our tax returns ? We are certain we will do this but is this in fact the right thing to do. Do we lose much financially?
Thanks for any help here
Regards
We have just purchased our 2nd IP and are going to live in it and rent our PPOR. Can you guys advise us ( or post a link as I am sure this would have been asked before ) what exactly the rules and regs are regarding this ie do we have to live in it for up to a certain amount of time ? and how will this affect our tax returns ? We are certain we will do this but is this in fact the right thing to do. Do we lose much financially?
Thanks for any help here
Regards