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Primary Residence change

Discussion in 'Real Estate' started by Sparkyboy, 29th Feb, 2016.

  1. Sparkyboy

    Sparkyboy New Member

    29th Feb, 2016
    Dunsborough WA
    I currently live in a $600k home (Property A)with a $345k repayment mortgage as my primary residence
    I also own 2 other properties valued at $500k each with Interest only mortgages of $273k (Property B) & $312k (Property C) respectively.
    I want to move into property B (which has been rented out for the past 10 years since it was constructed) for family reasons and commute to my current primary residence for work as I have a business in that area. I will effectively be living between the two properties 3 to 4 nights each week.
    Property C will continue to be rented as an investment property.

    How do I best structure this scenario for tax and legal purposes?
    Which property should be my prime residence?
    Can I claim tax deductions/Negative gearing on either property A or B if neither are rented out?
    It's my long term (9 years away) intention to retire and live in property B and sell both property A & C
    Am I correct in that there will be no CGT on property B unless I sell it?
    Thank you in advance!:confused::)

    Forgot to mention that my Spouse will live full time in Property B although sometimes travelling with me for short stays at Property A
    Last edited by a moderator: 29th Feb, 2016