Hi all. I read a few threads here that talk about the 6 year rule - I actually never heard about it until today!
I'm wondering whether if my IP qualifies as a PPR:
2006 - Bought the property as first home buyer. Immediately lived in it for 1 year continuously.
2007 - Rented it out (I moved out)
2010 - Right now, it's still being rented out
My question is, if I sell it now (2010), do I have to pay CGT on it? If so, what is my cost base?
If you have the official ATO ruling URL on it, please send it to me! Thanks so much for your help!
PS This forum is AWESOME! So many smart people here!!!
I'm wondering whether if my IP qualifies as a PPR:
2006 - Bought the property as first home buyer. Immediately lived in it for 1 year continuously.
2007 - Rented it out (I moved out)
2010 - Right now, it's still being rented out
My question is, if I sell it now (2010), do I have to pay CGT on it? If so, what is my cost base?
If you have the official ATO ruling URL on it, please send it to me! Thanks so much for your help!
PS This forum is AWESOME! So many smart people here!!!