should i hold or sell with loss??

[tigerGT]

Hi Farone,

In regards to a Tax Depreciation Schedule isnt that only for newer houses and for new units. My house is older 40 years old. Some of the reno's are new though. I will have to look into the 221D but from memory isnt that the form that you fill in so that you can get the tax rebates as you earn the money?

thanks for your advice
Georges

p.s

It seems as though this thread has made its way into the media. I had a call from someone from the AFR who would like to do a story on me...I though it was really funny.. Anyway I agreed and the story will be in the AFR
on Feb 24th or the 25th.

Anyway Ill let you know the exact date of the article as it gets to hand but its defintly getting published

 

[geoffw]

Presumably that's Fiona Tyndall. She was looking for a story on people who have lost money in Real estate- check out her posts to the forum.

It can be an interesting experience being interviewed- and even more interesting seeing the story. I hope it goes well.

 

[arriety]

Presumably that's Fiona Tyndall. She was looking for a story on people who have lost money in Real estate-

Yes she's finally got her doom and gloom RE story!

 

[geoffw]

Yes she's finally got her doom and gloom RE story!

A lot of people have been badly bitten by RE. But not many of those would be happy about sharing their failures in a forum where a lot of people have done well. Georges has been very open about this situation- thanks for sharing.

 

[farone]

Hi Farone,

In regards to a Tax Depreciation Schedule isnt that only for newer houses and for new units. My house is older 40 years old. Some of the reno's are new though. I will have to look into the 221D but from memory isnt that the form that you fill in so that you can get the tax rebates as you earn the money?

thanks for your advice
Georges

p.s

It seems as though this thread has made its way into the media. I had a call from someone from the AFR who would like to do a story on me...I though it was really funny.. Anyway I agreed and the story will be in the AFR
on Feb 24th or the 25th.

Anyway Ill let you know the exact date of the article as it gets to hand but its defintly getting published

I have had tax depreciation schedules done on my places (BMT done them) and i only have one place prob built in the 50's. the gent i spoke to assured me that it would be worthwhile to do otherwise he wouldnt charge me for the report. i was suprised because they completed the report and my acct said it was still worth paying the money for the report as there were still decent claims for the next 5-10 years.

give it a go tiger, they will better be able to tell you if it is worthwhile.

The 221D is the setup with the ATO were your acct predicts your tax deductions for the upcoming year and basically does a draft tax return to see what you will be able to claim back at the end of the fin year. they then submit this to the ATO, and in my case the ATO sent a letter to my employer and told them to reduce my tax rate from 48cents to something like 42 cents.

i have found this to be worthwhile in my situation, as my scenario as a whole is very negatvily geared. i think the 221D cost about $250, and the tax schedule was $600. only prob is that with the 221D it has to be done every year however the tax schedule only needs to be done once.

when i was first getting them set up i was a bit hold backish due to the inital outlay of costs, but i am glad that i have done them now. money well spent.