Forums / Community / Buy, Swap & Sell / Home becomes a rental property

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  • Profile photo of gabmargabmar
    Participant
    @gabmar
    Join Date: 2005
    Post Count: 4

    Hi,
    We bought a townhouse in January 2010 and the townhouse was our main residence until we moved into a new house on 1 June 2014. On 20 June 2014 we began renting out the old townhouse. We are planning to sell our old townhouse this year (2019) and wanted to know what is the best way to obtain its market value from the time it become an investment property. As per the ATO website, my understanding is to work out the capital gain or loss you need to know its market value at the time it was first used it to produce income.

    Thanks in advance,

    Gabmar

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,058

    You should contact a valuer.

    Keep in mind, it could be totally exempt though.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

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