steadstill
Registered User
- Messages
- 17
Hi,
I'm moving house, and not relying on selling my current house to purchase my new home.
In other words, I've recently purchased my future home, and now trying to sell my old/current home.
The old/current house has been on the market for a couple of months with little or no interest.
I think even with dropping the price, it will still take a long time to sell.
As far as I know, if I sell the house within one year of purchasing my new home, I will have no tax pentaties because both houses are Principle Places of Residence for me.
My question is, as an example scenario: if I sell the house for the same price I purchased it for, but it takes three years to sell the house, what kind of tax penalties should I expect?
Thanks
I'm moving house, and not relying on selling my current house to purchase my new home.
In other words, I've recently purchased my future home, and now trying to sell my old/current home.
The old/current house has been on the market for a couple of months with little or no interest.
I think even with dropping the price, it will still take a long time to sell.
As far as I know, if I sell the house within one year of purchasing my new home, I will have no tax pentaties because both houses are Principle Places of Residence for me.
My question is, as an example scenario: if I sell the house for the same price I purchased it for, but it takes three years to sell the house, what kind of tax penalties should I expect?
Thanks