|
Disclaimer:
· Yahoo! does not endorse or vouch for the accuracy or authenticity of postings.
· Messages should be considered at best general information, not professional investment advice.
· You are personally responsible for your messages.
· You should not include any misleading or deceptive information in your messages and not carry out illegal or unauthorised activities using the Yahoo! Finance boards.
· Information in messages may, where appropriate, be made available to ASIC.
· If Yahoo! finds or reasonably suspects that you are making illegal or unauthorised messages, your right to make messages will be withdrawn. Please click here to read the entire disclaimer information before viewing or posting messages |
 Basis on second home
|
<< Previous page | 1 | Next page >> |
By: d5236494
14/08/2008
9:44 pm Yahoo! Profile:
d5236494 Did this message offend you?
Sign in to report abuse |
Reply to this message |
She could be completely exempt from CGT if she could argue that she just held the property as trustee for your brother
Section 106-50 |
|
By: d5236494
14/08/2008
9:42 pm Yahoo! Profile:
d5236494 Did this message offend you?
Sign in to report abuse |
Reply to this message |
| She can include all those things if they have not been claimed as a tax deduction and also the interest, rates, insurance and every other cost associated with owning the property including cleaning costs and repairs and maintenance, even travel to the hardware store - section 110-25(4). Don't believe me? Have a look at www.bantacs.com.au the CGT booklet in the free publications section |
|
By: svetaleon
6/04/2008
1:18 pm Yahoo! Profile:
svetaleon Did this message offend you?
Sign in to report abuse |
Reply to this message |
My mother bought a second home in 1993 for $60k, and sold it last year for $200k. She let my brother live in it rent free. She only visited for 1 or 2 weeks per year. She does not include him as a dependent on her return. The home was a foreclosure and in poor condition. She made repairs/improvements, and wants to know which can be added to her basis to reduce her tax.
1)She put on a new roof, and added some insulation in the attic.
2)She had the entire house rewired, which upgraded old fuse box to new circuit breakers.
3)She added a furnace and air conditioning (the house had neither previously). (House is in Florida)
4)She purchased a stove, which was not there previously.
5)She re-plumbed the whole house, with a new service line to the city water - old plumbing was rotting and full of calcium buildup. Also had to repair walls where there was water damage.
6) She painted most of the house.
7) She had some landscaping done.
Which of these can be added to the homes basis, or in some other way reduce her capital gains tax?
Also, she sold because my brother decided to move out of state, and she is too old to handle tenants (84). I believe she can get a special deduction of some sort if she must sell due to unforseen circumstances - would this count? |
|
|
<< Previous page | 1 | Next page >> |
|
