Hi Guys,
I have found myself prematurely in my next INV property purchase (scheduled to happen within the next six months).
Looking to purchase an INV property to house my parents-in-law. Now my partner (their daughter) is living with me however we may have the option to move into this INV property in the future. Really the only reason to move in there is to avoid any CGT if we ever plan to sell. Initially, for now there is no plan to sell the property ever. However if circumstances do change I may have my partner legally move in there for some capital gains exemption/discount.
AFAIK, If you sell the property within the first 6 or 7 years of ownership, as long as one of the borrowers reside in the property for minimum 6 months, CGT is discounted 50%.
May I obtain some clarity/guidance here?
Alex
I have found myself prematurely in my next INV property purchase (scheduled to happen within the next six months).
Looking to purchase an INV property to house my parents-in-law. Now my partner (their daughter) is living with me however we may have the option to move into this INV property in the future. Really the only reason to move in there is to avoid any CGT if we ever plan to sell. Initially, for now there is no plan to sell the property ever. However if circumstances do change I may have my partner legally move in there for some capital gains exemption/discount.
AFAIK, If you sell the property within the first 6 or 7 years of ownership, as long as one of the borrowers reside in the property for minimum 6 months, CGT is discounted 50%.
May I obtain some clarity/guidance here?
Alex