Is my main residence capital gains tax exempt if I rent it out? I hear we have 6 years to rent it out for.
Ans (Rika from Affinitas)
When you rent out your main residence and don’t have another main residence within those 6 years (i.e. you decide to rent somewhere else), then generally yes your property will be CGT exempt. However, if you buy a new property to live in or move in with a spouse into their main residence, etc. this means the 6 year exemption no longer applies.
Exemptions are not always straight forward so always be sure to discuss your ideas with us to get the right advice to avoid any nasty surprises down the line.
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