Hi, Also posted this in the General Forum, but didn't get any response, so trying my luck here, thank you very much!
What's the tax implication (CG not income tax) for renting out all rooms other the one I am occupying in a PPOR?
Let's say, in a 3 bedroom house, if I rent out 2 rooms for 6 months period, then renting the whole house out while not claiming any other property as PPOR, then say 5.5 years later I sell the house, will the CG be totally tax free?
The current plan is that I am going to occupy my new house for the initial 6 month period to make it a legit PPOR then will rent it out and simply trying to recycle the "6 year rule" by going back for 6 months every 6 years.
Thank you in advance
What's the tax implication (CG not income tax) for renting out all rooms other the one I am occupying in a PPOR?
Let's say, in a 3 bedroom house, if I rent out 2 rooms for 6 months period, then renting the whole house out while not claiming any other property as PPOR, then say 5.5 years later I sell the house, will the CG be totally tax free?
The current plan is that I am going to occupy my new house for the initial 6 month period to make it a legit PPOR then will rent it out and simply trying to recycle the "6 year rule" by going back for 6 months every 6 years.
Thank you in advance