Avoiding tax with tax timing option
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torre
Apprentice
Joined: 06 Nov 2007
Posts: 2
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 Posted: 09/30/08 - 08:35 Post subject: |
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| I have recently been looking to sell a house. I am not currently living in it, but have it for several years now. Now, I would like to know about is avoiding tax with tax timing option? It is important so that I would know what to do with CGT. If anyone could help, that would be great. Thanks in advance. |
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uri
Apprentice
Joined: 08 Nov 2005
Posts: 2
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| Posted: 10/29/08 - 22:14 Post subject: |
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| It seems to me that you should be sure how much your CGT is before you sell a house, so that you could calculate properly whether a deal is favorable to you. Deferral means that you pay CGT only after you have completed the sale, but tax timing option is a way to avoid it. Bear in mind, though, that it is legal, but should be used with precaution. It works in a way that you immediately upon sale of property declare having a loss, thereby not having to pay CGT. Also, you may defer that tax buy postponing a sale. |
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