Forum Replies Created
Thanks for your kind reply Sunshine [
]Maybe what i can do is to renovate a house, then increase the rent, then i can just wait for a year before i can sell it. So that way, tax wont be much of a pain. Although the down point is that i have to make payments to the bank for a year. This will only be good if it was positively geared.
[8]
I still have a long way to go. Im 22 years old and im still saving for a deposit. ($10k) Right now, im just surveying my options.. [^]Any thoughts about my dilemma? [
]Cheers,
Glennanyone there? hehehe [
]Hi Guys!
Thanks for the responses. In regards to the example, its in this url
https://www.propertyinvesting.com/strategies/renovations
Now in that topic, they said they made a profit of $11,678 .
IT all sounds good until you actually deduct it off with the dreaded TAX [}
]So it looks like the couple actualy made a loss cause the stamp duty and CGT is 5% of the sale price Isnt it?? (which is more than the profit they made)
Correct me if im wrong, but this is a silly example to show to people who are getting ready to do renovations to make a quick profit as a starting strategy [
!]What do you guys think??
Glenn
[
]Aww, no replies..anyway, if anyone can answer these questions, it will surely be appreciated. [
]1. Is there capital gains tax in Queensland? [
]2. Would replacing the whole kitchen be under cosmetic renovations? [
]3. Would renovation costs be deductible when calculating capital gains? [|)]
4. In the renovation sample in this site, why do they disregard the tax?? (if they add tax, Bill & Sally would actually make a loss!!)
Pls help this confused soon to be investor. [xx(]
Many thanks,
Glenn
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