Forum Replies Created
Thank you every one for your positive and more negative responses.
I keep every last receipt, bill, document for my IP and do have a good filing system, I just didn’t want to show up at my accountant with unnecessary crap that is not required which is why I originally asked the question.
I have done my tax and was very happy with the outcome, and yes I had everything I needed and was all in order.
Don’t want a PM, considering my IP is ten streets away from where I am living in a small town I do all inspections and maintenance myself and am very lucky to have a tenant that pays his rent in advance. If I lived interstate I would have a PM. Don’t really see the point in paying out extra fees and charges when I enjoy doing it for myself, and for free.
Thanks for that. I am a bit of a hoarder so I have kept everything but just wasn’t sure whether or not to take all my crap I have collected or not.
This is my first year with an IP so am still in the learning process, after this tax I’ll be more informed for next year.
I manage the property myself not through an agent.
That was my original strategy to just keep purchasing IP with using my equity.
Thanks for your suggestions, you have been very helpful!
Renee
Hi Derek, thanks for your help.
We have two property’s. One which we lived in for 3.5 yrs but now has been rented out for 6 months (in my husbands name). We have another property which we have lived in since renting out our previous property (in joint names).
So if you sell the house you live in you wouldn’t pay CGT?
I guess the outcome I want is to make some profit out of one of our property’s to use to purchase another house for ourselves so we have smaller morgage. I still in future will continue to purchase IP’s.
Sorry you’ve lost me a bit. PPOR what does that mean???
I have purchased another property of which I am living in at the moment.
Mine and my husbands combined income is 87,000 so what ever profit I make out of selling my IP would be added onto that ($157,000 – profit $70,500) then CGT is calculated when I lodge my tax return at the income tax level?
I am the lower income earner of only $28,000 so could the profits from the house be added onto my income to be taxed for CGT? The IP is in my husbands name but both names for the loan.
I will sell the house once rented out for over 12 months.
What is the 6 year exemption from CGT?
Sorry for all the questions!
Renee
