How will the capital gains tax be calculated on a home that becomes a rental property?
You’ll find out as you watch this week’s Ask the Tax Expert video as Ken Raiss answers Hamish’s question which is quite common as for many people their first home isn’t their final home and turns into an investment.
Ken also explains exactly what Capital Gains tax involves and how whether you put a tenant into your home before you live there or the other way around makes a big difference.
He also explains the 6 year rule for exemption of your home from Capital Gains Tax.
Disclaimer
This is general information only and is intended as educational material. Neither Metropole Wealth Advisory nor its associated or related entitles, directors, officers or employees intend this material to be advice either actual or implied. You should not act on any of the above without first seeking specific advice taking into account your circumstances and objectives.
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'Ask the Tax Expert [video] — How will the capital gains tax be calculated on a home that becomes an investment property?' have 4 comments
September 24, 2020 Peter
Aged pensionor moving into my investment property (previously rented for 20 years) and selling my former primary residence (owned for 10 years) CGT?
September 25, 2020 Michael Yardney
if you are selling your former primary residence and you have lived in it over the last six years, there should be no capital gains tax involved
January 16, 2020 mark
HI, In your article above: How will the capital gains tax be calculated on a home that becomes a rental property? Ken states to get specific advice if you are living overseas and are going to sell your family home. Can you advise who to seek that advice from?
January 16, 2020 Michael Yardney
Why not ask Ken? That’s one of his areas of specialty contact him here.