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Wondering if anybody knows if moving back in would help my stamp duty situation? Or if there is any other way of reducing the cost.....
You were liable for the SD clawback when you first rented it out so that liability is overdue! You were liable for the SD that an investor would have paid on the purchase at the time your bought.I bought a house in 2001 which I lived in for a year and a half and then bought another house in a different city so rented out the first house.
It was a new build which cost 245000 in 2001. It is valued at 500,000 now.
If I sold this in the morning what taxes, clawbacks am I liable for?
The portion of any gain assessable for CGT is related to how long you lived in the property versus how long it was rented out. For example (based on years for simplicity) if you owned it for 6 years, lived in it for 1.5 years and rented it out for the remainder then you would be liable for CGT on (6 - 2.5)/6 = 3.5/6 = 58% of any gain.Does anyone know how much CGT exactly I would have to pay, and clawbacks?
You really need to get independent, professional advice on this and discharge your outstanding SD clawback liability ASAP.I am wondering if there are going to be so many costs should I just hold onto it longterm. Very ignorant about this whole area so all help would be very much appreciated.
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