Your advice please.
My home is mortgage free and am looking to purchase another house to move into, taking some of the equity from current home as deposit for new home. Current home was purchased in Jan 2001.
Question
Thanks in advance
My home is mortgage free and am looking to purchase another house to move into, taking some of the equity from current home as deposit for new home. Current home was purchased in Jan 2001.
Question
- When the 1st house is eventually sold, is the CGT based from the Jan 2001 purchase transaction value or the value when we purchased the new home and let the current house?
- Is there a time restriction as to when the Let to Buy property should be sold to minimize CGT?
- How is the CGT calculated, the purchase price in 2001 was 200K, now it valued at 480K
Thanks in advance
Comment