We have one property which was purchased in 2005 and was a main residence for 3 years. We then purchased another property late 2007 and made that our main residence and rented out property 1.. we lived there for 1 year 9 months if it matters.
At the moment we are living in one of my dads houses so are renting out property 2. We have bought a block of land and will build and make that our main residence and MAY look at selling property 2 down the track.
So if we do sell property 2 do we have to pay CGT and how does it all work because I have NO clue.
Sorry if this is in the wrong section. Thanks