House Rules For Capital Gains

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House Rules For Capital Gains
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FOR most of us, the family home is our biggest
investment. Normally, any capital gain you make
when you sell what is technically called your
principal place of residence is tax-free.
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But this isn't always the case, and there are
also potential benefits if you understand the
capital gains tax (CGT) rules.
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If you owned the property for eight years and
rented it out for four of those years, CGT would
apply to half the capital gain if you sold it at
the end of the eighth year.
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There would be a 50 per cent discount on the CGT
because you owned the home for more than 12
months, but the bottom line is that the
government would share in your upside.
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If you then rented it out for the next four
years, moved back in again, then sold it three
and half years later, no capital gains tax would
apply.
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