Hi, Scenario: Main residence - lived in it for 10+ years Moving overseas for work, renting overseas. Renting out main residence: Case 1 - less than 6 years and return back to live in it: no CGT when I do sell Case 2 - more than 6 years and return back to live in it after 10 years: how would CGT apply if I sell it after living in it for another 5 years? Case 3?- multiple rental periods each less than 6 years and return back to live in it after 10 years: no CGT when I sell? Thanks
but assuming you are a resident this may be of interest: Tax Tip 109: CGT and Being absent from the main residence for more than 6 years Tax Tip 109: CGT and Being absent from the main residence for more than 6 years
Thanks Terry. Had a read of the other thread. Did not see what happens for case 2: Case 2 - rented more than 6 years and return back to live in it after 10 years of rental and is back to be a resident. How would CGT apply if I sell it after living in it for another living in it for another 5 years? Is CGT on the increased value between: X - value when I moved out and rented it out Y - value when I moved back in 50% of (Y - X )
assuming you are a resident, if you move back in after 6 years it will be subject to CGT, but apportioned as in my link. any CG may be small in that case.