Z
Z100
Guest
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Hello everyone. I would be interested in some opinions on my situation. I bought my first home about three years ago but because of changed family circumstances involving my mother's illness I am moving back home for the forseeable future.
If you were a first time buyer and availed of stamp duty exemption, then the property cannot be rented until you have owned it for five years. If you rent before this time then you will be liable for stamp duty clawback at investors' rates. If you sell there is no liability. When you sell the property eventually, you will be liable for capital gains tax at 20% for the period of time the property was rented.
If it were me, I'd crunch the numbers to see how they compare. By and large, I think I'd sell. Good Luck.
But Liteweight's advice almost had me putting up the 'For Sale' today! I had no idea that I couldn't rent the house out for five years (I was a ftb and did avail of the stamp duty exemption) without the stamp duty clawback
Usually there is a grace period of 12 months max during which you can rent your PPR before selling and not have to pay CGT.
Does the same not apply to SD, e.g not have to pay SD clawback if PPR is sold after having been rented max 12 months ?
Usually there is a grace period of 12 months max during which you can rent your PPR before selling and not have to pay CGT.