CGT calculation on sale of rental property
Yes, you will pay some CGT. The computation is VERY complicated and has to take into account
the period for which it was your main residence plus the last three years of ownership. If you have owned it for 12 years and lived in it for the first six then 9/12 of the gain is exempt.
The original cost is increased by indexation from 1993 to 1998.
There is additional relief where you rent out a property that you have lived in
and then you have non-business taper from 1998 until now.
Thanks,
Ryan
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