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capital gains query
lilypond10
Posts: 1 Newbie
We want to buy a house which will go to sealed bids. We can get the cash together, but our current house has not sold yet. Should we be succesful with the new house....will we be eligible for capital gains on the old one once it does sell?
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Comments
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Not if you sell within 3 years.0
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lilypond10 wrote: »We want to buy a house which will go to sealed bids. We can get the cash together, but our current house has not sold yet. Should we be succesful with the new house....will we be eligible for capital gains on the old one once it does sell?
No, in simple terms.
If you plan to rent it out instead there could be different cirumstances but in reality if you have always lived at your current house you are unlikely to have too many CGT concerns0 -
I'm guesing you mean 'liable' rather than 'eligible', but that bit of pedantry aside, the answers above are accurate!0
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