Sell primary residence after new purchase?

warnerbottom

Registered User
Messages
14
Hi, we moved out of our primary residence last year and moved into rented accommodation (to be nearer schools etc) while we look for a permanent house to purchase in that area. We rent out our existing property, which partly offsets our rental costs. This was always considered a temporary arrangement until we find our permanent location.

We have been mortgage-approved to purchase a new house without having to sell our existing house.

My question is - are there tax benefits / implications to waiting to sell our primary residence after we purchase a new home? Our primary residence has increased in value by approximately 100k since we purchased. From a tax perspective, is it better to sell before we purchase a second house?
 

skrooge

Registered User
Messages
346
Profit on a PPR sale are tax free. If you're not living in it you've basically 12 months to sell before capital gains tax kicks in


By the sounds of it you are well into the 12 month window.
 
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