Category «Capital Gains Tax – Houses and Land with No Private Purpose»

Property musings

Question Thank you for your excellent website.My wife and I have an inner city 3 bedroom rental property (in joint names) that fortunately has risen in value over the years since we bought it in 2004.At one stage we had plans approved to turn the 3 bedroom house into a 2 bedroom dwelling and build …

Calculate Base cost Price on sub-divided property

Question Hi, I purchased your capital gains calculator but it did not account for my situation.I purchased an investment property and rented it 100% of the time, built a new house in the back and rented it 100% of the time, then subdivided and sold the original house in the front. I still own the …

Deductability of interest while waiting for property to be sold

Question Good evening,My husband purchased an investment property for rental in November 2011 we sold it in October 2015. We have never lived there nor used for private purposes. He stopped renting it out in January 2014 so we could sell the property as the maintenance was not worth the income, the gardens and yards …

CGT for a discretionary trust associated with a builder

Question We have a discretionary family trust where my husband, myself, our daughter and one other individual are the beneficiaries. We also have a building company of which the family trust is a shareholder. We demolished a property the trust owns and developed the land into 4 units. The building company was the builder. Can …

Transfer of protperty between spouses for financial reasons

Question My wife & I have 2 negatively-geared properties in joint names. We are listed as joint tenants which means 50& share each.She ceased working as of 20Jun14, & so her share of the tax loss is wasted as she can no longer offset & get PAYG back from 14/15 onwards.Her tax refund was critical …

CGT

Question I bought a property in Darwin in April 2003. It was in my name only. I lived in it from the purchase date until end of September 2011.This property was then rented out from 1 October 2011 until 10/9/13 and I then sold it on 23/10/13.I purchased another property in Sydney in joint names …

Principal place of residency exemption

Question I would like to know whether I can retain the principal place of residency exemption on the followingI brought a house which we live in in 2007. I want to now want to demolish the house And build 2 townhouses. We will need to rent while the houses are being built. On completion the …

Duplex built on ppr

Question Hi, I have a ppr that I have owned since 1996 jointly with my then husband which we bought for 266,000. We seperated in 2008 and I bought out his share at 740,000 but paid no stamp duty as proceeds of divorce. If I knock down the house and build a duplex and live …

subdivision

Question Hi JuliaI typed out my question and pressed submit and it all disappeared. Here goes again.Can you please advise on the following. If we sold the battle axe block that I wrote about previously…rather than build on it, what would be the tax position be please? I don’t think gst would apply to the …

Taxation, particularly Capital Gains Tax, on a rental property in the USA

Question I have a number of questions regarding the possible purchase of a rental property in Hawai’i. We are citizens and residents of Australia for taxation purposes. If it matters, we are also dual citizens of Canada. I am not sure how many related questions I am entitled to ask here, so I will firstly …