I rented out my house after 18 months of living in it, how do I value it for capital gains?

Question

became 2nd property when I moved in with my partner

Answer 1

This can be an interesting answer.

If you are not claiming the property as rental property, it might still qualify as your primary residence. You should speak to an expert about this... it's worth looking in.

Married people would have a section 121 deduction for their primary. But if you are partners, not legally married you might not recieve the same benefit.

If you are not receiving the 121 benefit, you may want to speak to your accountant about how to better structure how you are holding the real estate.

I'm releasing this site next week, by July 1st ,you should be able to find some good experts:
http://www.1031store.com

Find experts here:
http://www.1031store.com/experts/1031_exchange_experts.php

Calculate your gain here:
http://www.1031store.com/resources/1031_capital_gains_calculator.php

I'm finishing up the front end, so it will even look nicer next week... some really cool stuff...

Hope this helps.
Starke

Answer 2

At anytime have you lived in this property other than the 18 months? You need to have had it as your primary residence for a total of 24 months within 5 years of selling it to get the capital gains exemption.

If not, you are ONLY 6 months away - live in it for six month at sometime down the road and then you can claim it.

Capital Gains is only for selling....If keeping for a rental, you should be able to show a loss, including depreciation on the structure (value/27 years)..... Open a separate checking account and have all income/expenses for the rental filter through that account only.....

Answer 3

You don't unless you sell it.

You do have to pay income tax on the income from renting it though. You'll almost certainly have to submit a Self Assessment form as a result. If you are not doing so, then I'd recommend you get in touch with the tax office sooner rather than later, or when the tax-man finds out about it (as he will) you'll end up having to pay interest on the unpaid taxes.

Answer 4

No capital gains tax due.
You haven't disposed of it.
Anyhow, are you named on the deed's of your partner's house?
If not, what is there to say that you are a part owner, that it is your first property.
You need to get professional advice.
Even an estate agent, or a mortgage broker, should be able to offer some free advice.

Answer 5

Why would have to figure out you gains?

Are you claiming the income on your taxes?

You can deduct the mortgage payment, all repairs, mileage for checking on property, property taxes, you can even charge yourself management fees.

Unless your name is on your partners deed, you only have one property.

Answer 6

mate, i think ur in need of an accountant...

as you only have the 1 property in ur name (im assuming) y would you want to pay taxes on it which aren't necessary...

forget capital gains...capital gains is only payable on profits on the sale of an asset....ur not selling, ur renting it out... if there , you have ways of offsetting your expenses against ur income...

trust me if you need a hand with this...see an accountant

recommended:

Answer 7

i've got faith in case you progression beforehand the two years is up and you attempt to sell the domicile, you will pay those substantial taxes on it! whether you very own the domicile for extra beneficial than 2 years yet stay in it below those 2 years, you pay! i'd advise asking an lawyer or adviser for further information.

Answer 8

Get an estate agent to come around. They will tell you what they think they could sell it for and best of all it's Free

Answer 9

Someone else gave me this web page. It helps get an idea of the market in the area of where you live.

Answer 10

You don't have any capital gain unless you SELL it.