Campaign: Tax System Improvement

Market Valuations and Main Residence

Currently a market value rule applies when a former home is first rented after August 1996, to invoke as its cost base and deemed acquisition date, the market valuation at the date of first rental. But many taxpayers first use a property as an investment, and then move into it as their home, and can never enjoy the maximum opportunity of the main residence exemption. For instance, if they add value to the property with ...more »

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