Hi, I have a question and I am sure you gurus can help me.
I am buying a property, this could be my PPOR in few years time.
I have always been renting. The place need some small renos which will last at least 2-3 mths I think.
Therefore please confirm the following ?
1. after settlement I "move in", claim as PPOR, therefore after a certain period as PPOR I then can rent it out for max of 6 years, move back in as PPOR , and sell and still CGT free ?
2. the question is during the max 6 years renting out, can I claim -ve gearing since it is an IP ? that is claiming depreciation, interest cost etc etc ?
thanks in advance.
I am buying a property, this could be my PPOR in few years time.
I have always been renting. The place need some small renos which will last at least 2-3 mths I think.
Therefore please confirm the following ?
1. after settlement I "move in", claim as PPOR, therefore after a certain period as PPOR I then can rent it out for max of 6 years, move back in as PPOR , and sell and still CGT free ?
2. the question is during the max 6 years renting out, can I claim -ve gearing since it is an IP ? that is claiming depreciation, interest cost etc etc ?
thanks in advance.