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thankyou CoastyMike!

Sorry, the scenario did not look realistic because I made it up to understand the basics. My actual scenario is as follows. I have a couple of rental properties. I struggle to keep track of all the money I spend on them. What I do spend on them for maintenance or repairs I claim in the year...

Hi, Quick question (couldn't find after searching the site). If I buy a block for $100,000, build a house on it costing $500,000 and sell it after 2 years for $700,000 how much capital gains tax do I pay? Is the capital gain $100,000? And if I had the place repainted after a year costing...