Forum Replies Created
- lucky88 wrote:Hi Kanchi
Don't sell the land! Why don't you build something on it first? If you sell, you lose half of what you make (dependent on your tax bracket) straight away which would be a waste. You could go to the bank and ask for a construction loan, build on the land and pay for the full thing at the end. Usually, after you build the property is worth a good deal more than what you paid in total. If you can then afford, rent the house out. If not, sell then. You will have to pay capital gains though.
Hope this helps.
Lucky.
Yes lucky,
I am new investor. I dont have much idea about it.
Have you done this before?
Do you have any idea how much you can get if you sell it after building home on it? and if you sell it just as a land?Which way is better?
Thanks for your help … I think it is very clear now …
But I am wonder, if ATO ask for tax all the time when we gain from property, how come investor earn money.
I am planning to start investing. I purchased this block to build my own home but at this moment I am getting really good money out of it so I was thinking what happen if I sell it. I was trying to figure it out how things work if I want to be real estate investor.
If i Sell my block of land in year 2007-08 then only I have to pay CGT for year 2007-08? or even I dont sell my land and keep it for another year say till year 2009, still I have to pay CGT for year 2007-08?
Thank for your quick response…
Scott No Mates wrote:Just out of interest, what do you mean by 'title was not cleared'? Is it a new subdivision awaiting land titles office issuing new title documents on the land or adverse possession under OST?Yes! it is a new subdivision in The Chase estate in Berwick.
Scott No Mates wrote:Firstly, the conventional way that you can avoid paying CGT is to have it as your PPOR – a bit hard when it is land only.Sorry, can you tell me what is PPOR. It is a new term for me.
Scott No Mates wrote:You can invest the CG as you like until you submit and recieve your 2007/8 tax return at which point you will have to pay.What I want to understand is, if I purchase another block of land / property and invest that 20K in another block of land / property, do I still have to pay CGT on 20K?
KanChi
Hi Jon,
What is a best way to find a good property for renovate and resell ?
Regards,
KanChi
