I'm considering selling a property I have owned since June 1998 and need tax advice on how best to do this...
1. I bought in June 1998 to live in (spent approx 10k refurbishing house)
2. Had to move due to 120mile daily round trip commute to work in Nov 1998
3. Property was let out from Nov 98 till Jan 2001
4. In Jan 2001 I moved back in but rented out rooms in the house and paid taxes on the rental income
5. In March 2002 I moved to work in the USA.
I'm now looking to move back but want to sell my property and buy elsewhere. The approx gain in value I am looking at is 200k
How do I calculate my approx tax bill should I wish to sell and purchase another property?
Has anyone dealt with such a scenario before?
Thanks in advance!
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