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obadias
Apprentice
Joined: 28 Jun 2006
Posts: 1
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 Posted: 05/11/08 - 07:41 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 whether the money from the sale will be counted as a capital gain, or not? It is important so that I could calculate CGT. If anyone could help, that would be great. Thanks in advance. |
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northrop
Apprentice
Joined: 05 Nov 2007
Posts: 2
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| Posted: 06/09/08 - 22:41 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. Now, capital gains tax is one of the most commonly misunderstood. However, the matter with property sale is relatively clear. There is not such tax if you are selling a house you have been living in. However, you second home counts as a capital gain, and is liable to such a tax. I hope you find the info helpful. Best of luck with your sale. |
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