imo not 100% sure 1 yr....

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I owned two houses, the first was my main residence which i have now sold. the second was let out to lodgers but i am now living in it but want to sell up as soon as possible. i am in the uk by the way, but thanks to everyone so far...

I think it depends on which country you live in but in the uk its six months (trust me i work in the construction industry)

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My wife and i purchased a house in 2003 whilst working as a housemaster (and wife) in a boarding school. it has been necessary to live in school accomodation in order to discharge our duties, and therefore we rented out our house. it has gained about £50,000 in value over the past few years,and although we have never lived in the house we would now like to sell it. i believe that there are special dispensations relating to capital gains tax if you have to live in accomodation in order to do your job(i.e. a vicar for example) and therefore are unable to live in your own house. under these circumstances the property is treated as your principle residence. is this true? and, 1. does this apply to housemasters? 2.are we able to claim the house as our principle private residence even if we have not lived in it? 3. if not then how long would i have to live in it to avoid paying capital gains tax? any insights into yhis problem would be very gratefully received. thank you.

If you have been living in job related accommodation, then the sale of the property would not attract CGT, even if you never lived in it. You simply would not declare the sale. Your employer would have to be ready to confirm that you were required to live on school premises should HMRC ever raise an enquiry into this aspect of your tax return.

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Hi, i purchased a condo and living in it since july 2009, there would be a profit of $40 000 if i sell now. with the profit, i would be able / interested in buying / mortgage a duplex (which cost a little more then the condo) and have my own garage/work space and closer to family members. would i need to pay tax on the profit?? i am a little confused with the matter because some say things below::: -----" principle residence must be lived in it 2 out of last 5 years.... -----or.. $250k profit is exempted....or must live in it for longer than a year to be declared as principle residence... ------- or if you buy a new property as principle residence after you sell the current one, then you woul be exempted ...",, please help,, thank you place of residence: canada

The rules you have quoted there don't actually apply to Canada... except possibly the last one, sort of. In Canada, you can designate only one principle residence per calendar year. In order to designate a property as a principle residence, you must have ordinarily inhabited the property at some point in the year. If you have more than one residence, you must choose which one is your principle residence for a given year. In your case, you can designate the condo as your residence for 2009. If you sell it in 2010, you will be exempt from capital gains tax due to the "plus one year"; rule. Your new residence (the duplex) would then be designated as your principle residence starting in 2010. In general terms, the income tax act give you a year's grace when it comes to overlapping periods of ownership, of the year that you move. There is no requirement that you live in the condo for a year. There is also no requirement of 2 of the past five years. The exemption is not limited to $250,000. These might be american rules, which I will admit, I know absolutely nothing about.

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In 1994 i lived in a flat and bought a plot of land (0.2 of a hectare) with a view to building a house there. i lived in the flat while applying for planning permission, which took a long time. in 1996 the planning permission was granted and so i sold the flat, moved into rented accomodation and building commenced. as soon as the new house was habitable in 1998 i moved in. i have just sold the property, making a substantial gain. i assume that the entire gain will be exempt as the house was my principal private residence. am i correct? thanks for help.

Yes, if you have lived there and established PPR, there is no gain, it is exempt. Only complication is if you have let it or if the house has mixed domestic and commercial use. If this is just your house that you have lived in since you built it, then there is no requirement to complete a tax return, or even declare it if you already complete a tax return.

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Please could anybody tell me if my ex husband will have to pay capital gains tax when i buy out his interest in the matrimonial home? he wants £5,000 from me as he says he will have to pay that amount. i think it's just a scam on his part and that he won't have to pay any cgt. when we split up 12 years ago he bought a buy to let property but he didn't live there.....just his tenants. he lived with his auntie. he lived in the matrimonial home (his sole residence) for 16 years. however, recently (i'm not sure when)....in the last 2-3 years he has got rid of his tenants and has moved into his buy to let property and is also using it as a business property and is using one of the bedrooms for his office. would the 3 year rule count when he lived in the matrimonial home.......and therefore exempt him from cgt? also, how could i find out how long ago he moved into his buy to let house? would the council tell me or would they claim data protection?

Capital gains tax is only paid when you sell a property, and then it must be over an amount laid down by the Government. As your husband is only selling part of the house and the other is owned by you then he will not be liable for CGT. If you are still married then he may be entitled to half the matrimonial home, and you could be entitled to half of his property, it does not matter when he acquired it, if you are, or were married at the time of acquisition then could be entitled to half. You would have to seek legal advice about this,