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TaxRobin
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Experience:  International tax
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I am buying a new home before selling my current home my

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Hello I am buying a new home before selling my current home my current home is up for sale. What are the capital gains implications if my home is not sold prior to completing on the new one please
JA: What are the assets or property for this capital gain?
Customer: Sorry not sure what your asking
JA: Anything else you want the Accountant to know before I connect you?
Customer: Not really

Hello and thank you for allowing me to assist you.

If you live in, as your home, 2 or more houses, you can only have one main residence at a time for Private Residence Relief.

You can nominate which residence is to be treated as your main residence for any period. Your nomination must be made within 2 years of the date you first have a particular combination of residences. If there’s a change in your combination of residences, a new 2-year period begins. If you do not make a nomination, the question of which is your main residence will be determined on the facts.

You can still avoid CGT by nominating the first home till sold.

You are most welcome.

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Any call offer is site generated, not from me.

Customer: replied 6 days ago.
Thanks for your prompt reply

You are most welcome.

A 5 star positive rating is appreciated. SCROLL UP TO SEE STARS

Any call offer is site generated, not from me.

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