I was renting rooms in my principal place of residence and I was classing two thirds of the property as a negatively geared IP and deducting that net loss from my taxable income.
I now no longer do that and just live here myself.
If I sell my house will it be subject to capital gains tax on two thirds of the capital gains (gains made in the time 2/3s was an IP). Or does me living in it now as a purely principal place of residence reset that?
Thank you
I now no longer do that and just live here myself.
If I sell my house will it be subject to capital gains tax on two thirds of the capital gains (gains made in the time 2/3s was an IP). Or does me living in it now as a purely principal place of residence reset that?
Thank you