Convert residence to rental property - Capital Gains tax payable?
I understand that under normal circumstances capital gains tax would not be payable on the house if I sold it today because it was my primary residence. But if I did the above scenario and ended up selling the property in another 5 years, would I have to pay tax on the capital gain since the day I bought it, even though I lived in it for half the time?
I am concerned since the property raised in value significantly since the date I purchased it. Appreciate any advice received!