All Topics / Help Needed! / Property selling costs and tax

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  • Profile photo of Yie2shaiYie2shai
    Member
    @yie2shai
    Join Date: 2011
    Post Count: 1
    October 9, 2011 - 12:01 am

    Hi guys,

    Late last year I put one of my IPs up on the market, however this did not eventuate in sale. Of course through this I incurred agent and conveyancer fees.

    Now, being tax time, my question is whether this cost can be written down as a loss of an income producing asset claimed back straight away? Or does it decrease my cost base when it comes time to sell again? Or does it do neither of the two and I just have to wear the loss?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    October 9, 2011 - 6:07 am

    I think it would be claimed off CGT in the future – unless you are in the business of buying/selling property

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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