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Capital gain tax

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Sherry | 11 Aug 2016, 03:47 PM Agree 0
If I am currently living in my primary residence home and I want to make a deposit to a builder for a pre construction home, I intend to sell my current home when the new house is ready to close and move in the new home as my primary residence
My question is when I pay the deposit to the builder, will it be considered that I own 2 home?
  • David Tan | 12 Aug 2016, 02:34 PM Agree 0
    Absolutely not until you take possession of your new home. The deposite is always required by any builder to ensure you are going to buy your new home upon completion. It is good to know that you dont have to pay capital gain on the sale of your current because you are moving from one primary resident to another. Good luck on the purchase of your new home.
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