Does a tax timing option have a legal basis?
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winslow
Apprentice
Joined: 26 Jul 2005
Posts: 4
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 Posted: 08/17/08 - 07:00 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 does a tax timing option is legal. 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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kendal
Apprentice
Joined: 19 Jul 2007
Posts: 7
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| Posted: 09/16/08 - 02:15 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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