Sale of principle residence : Advice appreciated

[pokerhead]

Hello all,

I have the following situation and would appreciate advice:

Own house. Principle residence. Approx 80K equity in house.

Own 50% of apartment. Rent out. Rent covers mortgage.

I would like to sell my own house and, for several reasons, dont plan on purchasing another one.

If I sell my own house am i liable for CGT?

I own the house appprox 2 years and didnt pay stamp duty. Will i be liable for clawback etc?

Also are there other taxation issues I would need to consider.

The apartment would remain as a rental property. i.e I dont plan on movingthere.

Thanks for your help,

Pokerhead.

 

[Purple]

There is no CGT on your Principle private residence. I am assuming that you have not rented it out since you bought it.
You will not be liable for a stamp duty claw-back either. This only applies if you rent it out within 5 years of purchase.
AFAIK there are no other taxation issues and you will have 80k, less costs (legal, estate agent etc.) in your pocket when you sell.

 

[pokerhead]

Thanks for the information Purple.


I have not rented house so Im glad to know that im free to sell.

P.

 

[mikeyny]

I have not rented house so Im glad to know that im free to sell.

P.

you are free to sell at any point in time, luckly you dont have a CGT liabality