Calculate Claires net capital gain or loss (assuming she has no other CGT events)

Showing workings and citations (TAXATION LAW)

Claire purchased a small townhouse in Footscray on 1 January 2009. She lived in the property until 1 January 2015 at which time she decided to move to Adelaide to study medicine. She was so pleased to hear that at the time she was moving, market value for her Footscray house was $600,000. She had originally bought the house for $300,000 and was surprised at the value increase. While Claire was in Adelaide she rented a small cottage near her university, and she also rented out her Footscray home to tenants. She graduated her medicine degree on 1 January 2020 and moved back into her Footscray home the same day. She decided she wanted to buy a larger house and sold the Footscray property for $800,000 in April 2020 and incurred $3,000 in legal expenses at that time.