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No what happens is that lets say you bought a property for 250k then over 5 years you claimed 20k in depreciation e.g. construction carpets etc the property then only owes you 230k so therefore if you sold it for 300k your profit is 70k you then get a 50% CGT discount so in this case you only pay tax on 35k.
Before they had the 50% discount on CGT you use to be able to index it against inflation but not anymore.
If you bought the property before the tax rule changed then you can still use the index system but you cant use both so if you use the index system you will not get the 50% discount . If you use the 50% discount you will not get the indexed.
Hope this has helped and you understand what I am saying
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[email protected]Mate 20 years old go for it I wish I started that young
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[email protected]Train lines I have had a bit of trouble with mine
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[email protected]If I could find + cf in ballarat I would buy there 7 days a week
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[email protected]I wish I started at 19 just do it what ever it takes
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[email protected]Ozi
How you going with that deal any luck ?
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[email protected]Ozi
Sounds like your on a winner.
If you need tips about renovating will talk to you about them tomorrow. Keep the iron in the fire with this one don’t let her sign up with an agent .Good work so far
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[email protected]Ozi
Tell her agents cost about 3% + 2% in advetising. It could be a 2-3 month advertising canpane and another 2-3 months to settle. Toal of 6 months , if that money was invested somwere else for that time it could add up to anther 3.5% of the sale price (going on interest rates of roughly 7%) so the money in her hand would only be about 91.5% of the sale price anyway.
Tell her you will do a quick settlement , she has prbably got a lot of things she wants to do with the money and the sooner she gets it the better.
Let her know that the figure that agents quote are ussally exagerated. So $320,000 take away say 10% for a no hassle sale you should be able to get it for a round the money you want to spend anyway.
Good luck cheers Rick
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[email protected]Be careful there are people on this forum that will give you the wrong information in regards to property in the USA go over there by yourself and make an independent decision on investing over there . At the moment there are a lot of tour groups offering all sorts of glossy deals and from the surface they look great. Be very careful
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[email protected]Andy
The gas is left on to heat the water pipes. But good call.
Hay in nearly 12 months I have nit heard 1 success story about NY.
Perry and accociates are puting together deals that are based in Texas, I personally feel that it is a good place to be investing at the moment.Good luck
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[email protected]Nigel
Good luck with it all , I am sure you will be successful in what you are doing over there.
Kind regards Rick
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
[email protected]CGT basically is a 50% disscount on your normal tax rate
E.G. If you made $70,000 profit and you paid normal tax (lets say your tax rate is 48.5% this is the highest tax rate, due to your earning from your normal job ) then your tax bill on the extra $70,000 you made for the year would be 48.5% of $70,000 = $33,950 tax.
CGT gives you a 50% disscount so in this case it would look like this $70,000 profit you get a 50% so you only pay tax on $35,000 at your tax rate of 48.5% =$16,975 tax.
Hope this gives you an idea of how it works.
In the case you brought forward I don’t think you will have to pay any tax if you lived in the property and never rented it out then the way I see it is it your PPOR so there souldnt be any tax to be paid . unless you have already started to claim your payments. But even then there maight be a way out of it .
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[email protected]shake the disease you have got to be joking, inner city propertys particularly appartments are at there lowest point in the property cycle , over supply and not enough buys sound like a case of supply and demand , I think shortly the tables will turn. If you can get +cf buy all of them why not.
We buy properties cash fast settlements no fees no fuss. contact me on 0408 355568
[email protected]007 I personally put Lisa in contact with the guys she is doing work with. The guy who runs the show is one of John Burleys best students ever and if you know anything about the USA investing you will know that John Burley is one of the most highly regarded Guru’s in the USA.
If Lisa is doing as he is telling her she will be successful.
From what I know of Lisa the limb she put her self out on to do what she is doing is unbelivable, talk about 110% commited.
If people are to be investing in the USA she is on the ground full time and has one of the most successful John Burley students as part of her team.
It doesnt get much beter than that. I take my hat off to you Lisa
CheersKind Regards Rick
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[email protected]Dazzling
There are a few people on this forum that I admire and you are one of them . So when I read bits and peices that you have written I remember certain things . Anyway seems like you are traking well, thats great news.
Cheers Rick
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[email protected]Dazzling
From memory you have a goal to stop work in april 07 give or take . How is that tracking ? I hope it is still looking that way , nice to see people achive there gaols.
Cheers Rick
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[email protected]Ussally if it is a deveopement that you are going to on sell , the interest will be added as a capital expence. However if you prove that the property was built to rent out you maybe ok to claim it.
Your accountant should be able work out the best way around it.regards Rick
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[email protected]The footscray council is spending huge amounts of money over the next five years ( not sure how much but a lot) , I think that it is well and truely under valued for its location and the council has decided to do something about it , get rid of the stigma.
I belive that as a long term investment footscary is a good investment.Buying Propertys in the USA email me to learn more.
[email protected]Auzzielad,
No I have never done it but I was going to demoish a house once to build units and it was brick and the builder found someone to relocate it. I don’t know what the out come was but it was a good size home that a recent reno to the bathroom and kitchen.
Buying Propertys in the USA email me to learn more.
[email protected]Aussielad,
Do you know what your talking about?In theses situations you brace the frame before transporting .
Dinah is right.
You can move the house if you get rid of the bricks the roof is the same as a weather board it is held up by the frame . If the house is on stumps and it is not double brick it can be moved , in a lot of cases the house is in better nick because it has not had water damage . Most weatherboard home if they have not been maintained through out there life have problems with rot somewere .Buying Propertys in the USA email me to learn more.
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