kim
Apprentice
Joined: 01 May 2007
Posts: 16
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 Posted: 12/06/07 - 05:42 Post subject: |
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| I have recently wanted to sell my house. However, I know there is a capital gains tax to be paid for any larger income one receives. However, I am not sure are there cases when you actually have an exemption, and what are generally the rules on CGT. If anyone could give me some info on that matter, that would be great. Thanks in advance. |
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foss
Apprentice
Joined: 20 Mar 2006
Posts: 6
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| Posted: 01/04/08 - 22:42 Post subject: |
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When it comes to CGT, or capital gains tax, it is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in, or the one you are calling residential. However, in the case of renting the property, there will be no CGT applied, although you still have to pay the taxes on your income. In any case your residential property will not be taxed, unless you have used it also as an office, or for any non-residential purposes. I hope you find the information helpful. You can get some more info at http://www.smartmoney.com/tax/capital/
index.cfm?story=capitalgains. |
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