2 house quandry..

dino

Registered User
Messages
157
Hi,
I bought House A 3 years ago in my home town and I lived there for 2 years. Then I got transferred with work to another part of the country about 9 months ago. About 5 months ago I bought House B in my new location. I didn't rent out House A, I just used it for weekends. I delayed putting House A on the market because of the big slowdown and there was a sudden chance of a return to my home town. The return to my hometown didn't work out so I'm now going to sell House A.
I am aware that I have 12 months grace to sell House A. Is there any issues with this 12 months grace that I need to look out for? I don't want to keep the house and rent it out because I will have to pay a stamp duty clawback and then when I go to sell it at a later date I will be hit for capital gains.
Any advice greatly appreciated...

D
 
You have 12 months from the time that you vacated the original house as your PPR to sell it before some portion of any resale gain becomes assessable for CGT. There is nothing more to this issue than that.
 
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