Hi, I have my one and only investment property for sale – hoping to sell soon, fingers crossed!
Anyway, about 6 yrs ago i was living there, and rented it out since then. I ended the tenants lease about 3wks ago, so i could put new flooring in – it is currently empty and will be until it sells which could be awhile…Do I have to pay capital gains tax when it eventually sells? was hoping somehow i wouldn't have to since it wont be tenanted for awhile… advice ?
Thanks
)It will depend upon when you moved out & if you had any other primary residence in that time. search a few of the forums, the topic comes up frequently.
It could possibly be CGT free for up to 6 years of your absence.
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
Hi,
You will have to pay capital gains tax on the increased capital value of the property from the date you rented the property out. You will need to get a registered property valuer to give you a retrospective value on the property for the calculation to be made. The valuation needs to be as high as possible to limit your tax implications.
What state are you in?
Placebo_vegan wrote:Hi,You will have to pay capital gains tax on the increased capital value of the property from the date you rented the property out. You will need to get a registered property valuer to give you a retrospective value on the property for the calculation to be made. The valuation needs to be as high as possible to limit your tax implications.
What state are you in?
What about s118-145 ITAA 1997?
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
)
You must be logged in to reply to this topic. If you don't have an account, you can register here.
