Forum Replies Created
Thank you, Richard.
I've sent you a PM
Oh, I should also add that I intend to buy another property in about 6-12months
Hi Steve,
I’ve been following your posts and am curious if you had to get an ITIN to purchase property before you went over to the US and, if so, how long did it take to receive?
Good luck with your property hunting!
Mg
will do. thanks!
Hi Terryw,
He hasn’t given me reasons yet as I am waiting to see him. I am trying to get info before hand. He did say that I’d be better to set up a unit trust rather than selling the property altogether and starting again. I am trying to reduce personal debt on property 2 to start investing again
M
Hi Terryw,
Thanks for the info. I have found out that i won’t have to pay CGT on my 1st property. At this stage it looks like the value is about $500k so I am looking at setting up a unit trust and borrowing to buy units from the trust, and to pay the stamp duty, so I can personally deduct the interest.
I am very close to buying a third property and not sure whether to buy it under trust also?
As I will be selling property 1 as PPoR, property 2 will have been an investment property for the past 3 years, even though I have been living in it. I need to restructure my loan on property 2 as I would like to eventually move out and buy a better house for me to live in.
Any advice on whether I should consider discretionary trust vs unit trust for my property investment plans?
Thanks
Hi Terryw,
Thank you for your reply. I am only new to this forum but have already read so many of your posts and am blown away by your property investing knowledge!
Was wondering if you could help me further?
When you say that i ‘could probably sell the first property now without CGT’, is that because if i set up a trust, I won’t have to pay CGT or is it because once all the past costs associated with property etc are taken out, it would probably leave me with a very low capital gains?
I spoke to a real estate agent last night regarding my first property and he said houses like mine have been selling for $510,000 recently so that would unlock a huge amount of equity but would need it valued lower if CGT a problem. There is lee way here.
Disregarding asset protection after further research, is setting up a trust going to benefit me when I can’t claim the tax? A friend suggested a unit trust but there are a few different types.
If I do leave things as they are and buy the next one in a trust, how will this benefit me as compared to buying in my own name?
Considering all my options – can i move back into the first property for a period of time and then sell and only pay CGT for the time I was renting it out or have no CGT by nominating it as PPoR when i sell it later? (I would rent property 2 and not move back into it)
I will look into land tax.
Thanks!
