i wonder if anyone can clarify the tax implications for the following situation:
my boyfriend bought a house in sep 05 as a ftb
he started renting it in oct 06
my boyfriend and myself are buying a house in march 07
if he wants to sell his house in oct 07,when the 1 year lease is up what tax will he have to pay on that sale.he will jointly own another house at that stage.
Thanks
my boyfriend bought a house in sep 05 as a ftb
he started renting it in oct 06
my boyfriend and myself are buying a house in march 07
if he wants to sell his house in oct 07,when the 1 year lease is up what tax will he have to pay on that sale.he will jointly own another house at that stage.
Thanks