Capital Gains Tax On Home

alexk2oo

Hi,

I own a property which i lived in from 2007 to 2012.

I then moved out in to my wife's property which she owns.

Am I right in saying that I wont incur capital gains as long as i sell it within 36 months?

What would happen if i rented it out for the next 6 months to a friend?

Thanks,

Alex

CLAPTON

did your wife live with you in your house from 2007 and 2012?

alexk2oo

Nope, I moved in with her and we married a year later.

CLAPTON

so you lived in your own house as a single person from 2007 to 2012

so yes you have 36 months before cgt is an issue

if you rent it out it makes no difference to the 36 month rules


however if you rent it out, subject to the precise details, you will be entitled to letting relief which in practice means you could avoid cgt even if you sell after more than 3 years

p00hsticks

alexk2oo wrote: »

Hi,

I own a property which i lived in from 2007 to 2012.

When did you buy it ? (i.e.was there a period before 2007 when you owned it but didn't live in it ? )

RobertLamb61

if you phone the revenue they'll normally give you a straight answer - don't have to give your real name either of course!

nomunnofun

RobertLamb61 wrote: »

if you phone the revenue they'll normally give you a straight answer - don't have to give your real name either of course!

If you ever can get through that is! Speaking as an ex-Revenue type person I would be much more confident in getting the correct answer on this forum from the likes of those who have already contributed to this thread.

alexk2oo

p00hsticks wrote: »

When did you buy it ? (i.e.was there a period before 2007 when you owned it but didn't live in it ? )

No I bought it in 2007, lived in it till 2012 then moved in to my girlfriends house which is in her name.

nomunnofun

alexk2oo wrote: »

No I bought it in 2007, lived in it till 2012 then moved in to my girlfriends house which is in her name.

The advice supplied by Clapton, therefore, applies.