Answered step by step
Verified Expert Solution
Question
1 Approved Answer
DBJ has also recently sold the family home in Toorak Gardens. he and his wife bought the home on 1 February 1996 for $500,000 and
DBJ has also recently sold the family home in Toorak Gardens. he and his wife bought the home on 1 February 1996 for $500,000 and sold it for 1.5m in February 2019. He and his family have lived in this home continuously except for the period between 1 July 1998 and 1 July 2006, where the property was leased to tenants. Whilst he was working at Harvard medical school. 1.) will the main residence exemption apply in respect of the sale of the house in Toorak Gardens?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started