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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4425
Experience:  FCCA FCMA CGMA ACIS
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I wish to downsize from a rather large house to a Beechcroft

Customer Question

I wish to downsize from a rather large house to a Beechcroft appartment. If the purchase and sale overlap, ie: I have bought new property before the sale of our existing home, say by a month or two, how are we situated?
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

I assume you refer to your sole or main domestic residence. Such an overlap is no problem, everybody knows that property transactions take time. The Capital Gains Tax system allows the last 18 month's of ownership to be deemed to be entitled to Private Residence Relief and in any event the year of sale does not count. As an Australian might say, 'No worries,' on the tax front.

I do hope I have been able to set your mind at rest.
bigduckontax and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

Many thanks. I had rather expected the gist of your reply but nice to have it confirmed by someone who really knows the score.


 


Hopefully I have not signed on for membership, or anything similar. This shoule be a single transaction.

Expert:  bigduckontax replied 3 years ago.

Thank you for your kind note.

 

Please be so good as to rate me before you leave the Just Answer site.

Expert:  bigduckontax replied 3 years ago.
Thank you for your support.