Hi,
I'm trying to get my head around CGT.
Can someone please use the sample figures below to explain the CGT calculations involved in moving into an investment property which then becomes your primary residence?
Not sure if all the figures are needed in calc, but including it just in case:
Purchase date 1 Sept 2012
Purchase price $500,000
Closing costs $35,000
$400,000 30 year mortgage @ 7.0% is $613.72 per week
Income $75,000
Rent out for 2 years @ $450 per week
Re-evaluation 1 Sept 2014 $600,000
Move in that day 1 Sept 2014 - now primary residence
Sell Sept 2020 $1,000,000
Assume CGT rules and tax brackets and percentages remain the same throughout the life of the example.
Thanks.
Capital Gains Tax - moving into a former rental property
- Isma Khan
- Mortgage Specialist
- Posts: 45
- Joined: Thu Feb 23, 2012 3:48 pm
- Location: Sydney, Australia
- Contact:
Re: Capital Gains Tax - moving into a former rental property
Hi There,
I think it'll be best if you contact your accountant to work out these figures for you.
Regards,
Isma Khan
Mortgage Broker
Ph: 1300 889 743
Home Loan Experts
I think it'll be best if you contact your accountant to work out these figures for you.
Regards,
Isma Khan
Mortgage Broker
Ph: 1300 889 743
Home Loan Experts