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Investment Property and Renting Elsewhere

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Investment Property and Renting Elsewhere

Postby Michael Kinsey » Tue Dec 18, 2012 3:22 am

I'm going to seek some advice from an accountant, but looking to gather a bit of information first.

I plan to buy my first property. Yet, due to work commitments, I will rent it out to tenants, then rent another place to live in elsewhere, closer to my work.

As I would own no other property, apart from the (partially) owned one I am renting out, would this incur any CGT on the eventual sale of the home?
Michael Kinsey
 
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Re: Investment Property and Renting Elsewhere

Postby philip lee » Fri Jan 04, 2013 3:25 am

As far as I understand I believe you have to live in it first and establish it as your principle place of residence. Then after a certain amount of time (I don't know how long, 6 or 12 Months) you can move out and rent it to someone else. I believe you can rent it out for up to 6 years. I do not believe you will be CGT exempt if you rent it from day one. Please check everything, I am only repeating what was explained to me a few years ago by my accountant and that may have changed.

Let us know what your Accountant thinks, cheers.
philip lee
 
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