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Ingrid says: 24 November 2015 at 16:09 I was letting out my property and was renting in another suburb for 3 years before selling my property. Is that property still seen as my primary residence? |
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TaxTim says: 24 November 2015 at 16:20 How long did you live in it prior to renting it out? |
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Ingrid says: 24 November 2015 at 16:27 I received the title deeds October 2010 as part of the estate (I was living there since 2000 but did not own the property) and moved out May 2011, then sold property July 2014 |
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Ingrid says: 24 November 2015 at 16:30 Moved to new primary property March 2014 |
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Ingrid says: 24 November 2015 at 16:34 It actually does not matter if primary residence or not if the base costs and the agent commission exceed the proceeds? |
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TaxTim says: 24 November 2015 at 16:52 It will be seen as your primary residence only for the portion you were living in it. Therefore you look at capital loss for full period and apportion it (using the months) between the time you lived there and the time you rented it out. However if its a loss, there will be no tax on the sale anyway. |
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