I would like to sell my investment property and would like to know how much tax i might pay.
this is the situation house for sale at $295000, owe $212000 (Private sale) owned for two years.In joint names myself and wife.Our income approximatly me $350000 wife $280000.Any help would be appreciated.
Dom[exhappy]call your accountant and ask him/her for professional advice and the correct calculations.
Kind Regards,
George.“If You never never ask, you’ll never never know”
I think you may have made a mistake with your incomes, if not, you shoudn’t be selling you should be buying more.
Re: Your Question.
It doesn’t matter how much you owe, it’s how much Capital Gain you have made after two years.
You need to list your purchase price.
Asa rough rule of thumb, selling price less purchase price gives the gain, you then get a 50% discount, then divide into 2 and this amount goes ontop of your other income.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Accountants are always the best people to speak to for tax advice, but you may get a better response on the forums if you use the Legal and Accounting forum.
Brent Hodgson
PropertyInvesting.com
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