From: Lotana Von Amor
Dear Forum,
This question is probably very basic, but I would appreciate a clear-cut answer from those in the know.
Consider the following scenario (imaginary):
I bought P1 on 1 January 1994 and occupied it for 4 years till 31 December 1998.
Then I bought P2 on 1 January 1999, moved in to P2 and rented out P1.
On 31 December 2001 I sold P1 at a profit.
Over the period between 1/1/99 and 31/12/01 I claimed all expenses concerning P1 including interest on mortgage, agent fees, repairs, depreciation, etc.
My question is: can I declare P1 as my PPOR for the whole period of ownership including the last 3 years when it was an IP to avoid CGT liability? I realise that this will affect CGT liability when selling P2, but honestly at this stage this is not a priority.
Say cheese,
Lotana
Dear Forum,
This question is probably very basic, but I would appreciate a clear-cut answer from those in the know.
Consider the following scenario (imaginary):
I bought P1 on 1 January 1994 and occupied it for 4 years till 31 December 1998.
Then I bought P2 on 1 January 1999, moved in to P2 and rented out P1.
On 31 December 2001 I sold P1 at a profit.
Over the period between 1/1/99 and 31/12/01 I claimed all expenses concerning P1 including interest on mortgage, agent fees, repairs, depreciation, etc.
My question is: can I declare P1 as my PPOR for the whole period of ownership including the last 3 years when it was an IP to avoid CGT liability? I realise that this will affect CGT liability when selling P2, but honestly at this stage this is not a priority.
Say cheese,
Lotana
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