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  • Profile photo of Gemma007Gemma007
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    @gemma007
    Join Date: 2006
    Post Count: 5
    June 22, 2009 - 9:55 pm

    Thanks for your advice. We looked at it and it is not worth buying. It just needs too much work and money. When you look at similar houses we would never get our money back. Thanks again for your advice, good to know how it works if another comes up in the future.

    Profile photo of Gemma007Gemma007
    Member
    @gemma007
    Join Date: 2006
    Post Count: 5
    June 22, 2009 - 5:11 am

    Thanks for your advice.  So if we live in it for a few months then sell it, we won’t have to pay CGT. I think the rule is 3 months minimum. That may be the way to go IF the property is actually a bargain and the project worth doing. We are having a look at it tonight.

    Profile photo of Gemma007Gemma007
    Member
    @gemma007
    Join Date: 2006
    Post Count: 5
    August 25, 2006 - 12:14 pm

    Thanks for your reply Simon.

    It is really good advice, I wonder if there are any Professionals or people in rural property on this site?

    I was thinking to agist or make money from the land to use as an income to offset the interest and negative gear.

    I am having trouble finding anything on the Net even from the ATO on this topic. Thanks again.

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