L
larrymo
Guest
Hi everyone
Quick question on CGT. My wife and I bought an investment property in 2004. We are now in a position where we could sell our principal residence and live in the investment property as our principal residence for a year before eventually moving to the U.S.A. for good (I'm an American citizen).
My question is this, I know I won't have to pay CGT on principal house when I sell it but will I be eligible for CGT on the investment property after I live in it for a year or so as my primary residence? We bought the investment property for Euro 435K (including stamp duty, etc.) and the houses are going for approx Euro 700K now.
If I am eligible for CGT on 2nd property, anyone have any idea how I can reduce this bill?
Thanks for any input here!!!
Larmo
Quick question on CGT. My wife and I bought an investment property in 2004. We are now in a position where we could sell our principal residence and live in the investment property as our principal residence for a year before eventually moving to the U.S.A. for good (I'm an American citizen).
My question is this, I know I won't have to pay CGT on principal house when I sell it but will I be eligible for CGT on the investment property after I live in it for a year or so as my primary residence? We bought the investment property for Euro 435K (including stamp duty, etc.) and the houses are going for approx Euro 700K now.
If I am eligible for CGT on 2nd property, anyone have any idea how I can reduce this bill?
Thanks for any input here!!!
Larmo