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Tax Questions Answered
Question Our deceased son left us his 10 acre Gold Coast rental property, which we have retained. Under council laws we are unable to divide the property until around 2020, but we can build a second house on it.Q. If we lived in the second house as our principal place of residence and continued to …
Question Hi there,My friend purchased a block in March 2008 with the intention of owner-building his principal place of residence on it.He has lived in a caravan on the land since he started building 1 June 2008 and is due to complete the house by the end of this month. He is now going to …
Question In May 2007, we bought 2 houses side by side in a Sydney suburb as 2 separate lots. One house was purchased by myself together with my friend for $550,000.00; the other house was purchased by my brother for $550,000.00. We bought them as our first homes and we received the first home owners …
Question Hi,I purchased a property in May 2005. I moved in straight away and lived in it for 9 months (until Feb 2006).I rented out the property out for 3 years (Feb 2006 to Feb 2009) while renting a different place for myself, so I figure the property I owned could still be classed as …
Question Hello,I sold an investment property in Nov 2007 that was acquired in 2000The unit was built in the 50’s but was modified in 2000 prior to being purchasedI arranged for a depreciation schedule to be undertaken at the time of purchase and have applied the Diminishing Value Method for Plant & Equipment and Building …
Question My father is 76 years old and his only asset is his house which is valued at $350,000. If I was to purchase 50% of his house for $175,000 and my father paid me rent of $175 per week would I be able to claim this as an investment property for tax purposes. Answer …
Question I am currently not working and manage a property on behalf of my husband who is fully employed ( and travels a lot). The property and loan are in his name due to him having the income. Can I tranfer any of my costs (travel to see property, finding tenants, etc) to him, as …
Question I have owned a farming property since 2002 in a company.The intention when purchasing was to build a new residence and use it as farming land.During the past 6.5 years the property has been used as farming land (cattle agistment).A decision was also taken after 1.5 years to subdivide and sell the land as …
Question Dear Julia,I bought an investment property in February 2008. The loan for the prperty does not include the stamp duty cost. I did renovation for that property in September 2008. The cost is from my own pocket. Now I want to top up the loan to include the cost of stamp duty and renovation. …
Question I have 3 loans with one bank. Loan 1 = PPOR with balance 1.431 mil. Loan 2 = $408K which is the total of 3 refinanced investment property loans against 3 properties. Loan 3 = Line of Credit with limit of $492K and $370K drawn with a 70% private use component.I have disposed of …
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