How is Capital Gains Tax worked out? (selling a rented property).

crazy pea | 12:13 Thu 23rd Jul 2009 | Business & Finance

6 Answers

I am selling a property which I have been renting out for the last 10 months. I bought it in Jan 2006 and lived in it as my main home until I moved in to my partner's house in August 2008. It has since then been rented to a private tenant. This is the only property I own and on selling I would've made a profit of around �20-25k. Can anyone tell me how Capital Gains Tax is worked out and any idea how much I would be expecting to pay? Thanks!!

�20,000 in 1759, what's it worth now?

Getting Rid of a Partner?

Answers

1 to 6 of 6

Best Answer

No best answer has yet been selected by crazy pea. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.

-- answer removed --

crazy pea

Question Author

Thanks!

-- answer removed --

anniebird

As you lived in the property as your main home before renting it the last 3 years is automatically ignored for Capital Gains Tax so as long as you sell it before August 2011 there should be no CGT to pay.

-- answer removed --

crazy pea

Question Author

Brilliant! Thanks x

1 to 6 of 6

Do you know the answer?