Hi forum members, we are selling our land that we have held for 7 years because it did not perform as we thought it should have done by now .My question is are we able to claim back all our losses of bank expenses ( interest ,set up costs,yearly mortgage fees ) council rates / water rates, solicitor fees etc, this was set up on an interest only loan. We are 1 of only 10 blocks left in an estate of 200 homes , it just didn’t perform over time , so it’s time to move on , any advice greatly appreciated . ( Gold Coast if wondering )
Is it an empty block of land / your home / investment property?
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auYep ,just vacant land ,don’t wont to wait another 4-7 years for it to turn around .
Unfortunately you won’t be able to claim any of the expenses. If it was an investment property then you would have been able to claim some of them.
If you do purchase a new investment property in the future make sure that you claim your deductions in the year they occur.
Andrew
superAndrew | Property Analyser and Finder Tool
https://property-analyser.com.auWhen selling any expense you have not otherwise claimed could be used to reduce the cost base for cGT purposes.
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
That also goes for any of the initial buying costs such as Transfer Stamp Duty and Legal costs.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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