Tax strategy for real estate business
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byron
Apprentice
Joined: 08 Feb 2005
Posts: 6
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 Posted: 05/12/08 - 09:35 Post subject: |
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| Hello to you all. My name is Stephen and I would appreciate if you could give me some help about tax strategy for real estate business. The thing is that I would like to sell my house and I am curious about tax implications that this transaction would cause. Can you tell me something about it? Thank you in advance. |
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rance
Apprentice
Joined: 05 Oct 2004
Posts: 9
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| Posted: 06/10/08 - 23:50 Post subject: |
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| Hello to you too, Stephen. When you want to sell some property, you are liable for Capital Gains Tax, or CGT. Base for taxation is difference between the value of the property when it was bought and now when you are about to sell it. You should apply the appropriate rate to that difference. However, there is a way to avoid paying CGT. If your house is nominated as your PPR, or principal residence, you will be exempt from this tax. So, before you decide to sell, check out the status of your property. Well Stephen that is all I can tell you about this subject. Take care! |
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