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I also am not an accountant so please check this out. However I was talking to my account only yesterday on this. And this is my understanding of what he told me.
Yes a CAPTAL LOSS can be used to offset a CAPITAL gain but not against income. The capital loss can also be carried forward to future tax years (note plural) though I do not know how many years!
However, if it can be shown that it is not CAPITAL but INCOME loss then the whole game changes. This might be the case if you had purcahsed the property with the INTENTION of renovating it and then sold if for less than the purchase price + the cost of renovation (hence the loss). In this case the loss can be carried forward to the next year (not more) and be offset against you normal income.
PeterO
Oops! That’s South Island! I should take a little more time to check my typing before posting!
PeterO
G’Day We are Peter, Joyce and our eldest son/business partner Jonty. We are Brisbane based and going on KA2. Certainly interested in catching up with you via e-mail at least.
Anyone else from Brisbane going on KA2?
We will also be at the Brisbane Masterclass next week-end. Anyone else on this thread be there?
There was a thread for some KA2’ers a couple of weeks ago, largely based in Melbourne. I was ‘off the air’ and missed the thread when it was new, but will now tryu to get intouch with them!
While we talking NZ, the research I have done so far suggests there is more CF+ in Sount Island at present. Any comments anyone?
PeterO
We just spent much of Sunday looking at a whole range of houses to renovate. ALL those we looked at on one area with a renovated price over about $450k had pools. However in other areas there were very few pools.
I would advise doing two things:
1. Look around the area you are in and see what proportion of other similarly priced/size houses have pools;
2. Talk to the local Realestate Sales people (Yes I know we think that you can tell if they are lying, just look to see if they are moving their mouth … but I have actually found them to be quite knowledgable about their chosen profession!)On a personal level, we live in Brisbane and would not like to be without a pool!
PeterO
Gosh!
5 ‘W’? (Where? Why? What? Who? When?)
Can we have some more info please?
(I missed this post previously! Bit suprised no-one else has responded, or do they all use a different way of getting more info?)PeterO
