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From: Simon St John
Hi everyone!
One question about buy/reno/sell that I am unclear about is bank financing and the cap gain situation.
I gather if you are trading property in this way you have to pay CGT?
How is this calculated (eg: Say you purchase at $150K, reno for $25K and sell for $220K)
Also, how do people structure their finance - just a mortgage of choice (excuse the pun!) that allows for early repayment. How do banks view people who "turn over" finance within 1-3 months in this way.
Cheers, Simon
Hi everyone!
One question about buy/reno/sell that I am unclear about is bank financing and the cap gain situation.
I gather if you are trading property in this way you have to pay CGT?
How is this calculated (eg: Say you purchase at $150K, reno for $25K and sell for $220K)
Also, how do people structure their finance - just a mortgage of choice (excuse the pun!) that allows for early repayment. How do banks view people who "turn over" finance within 1-3 months in this way.
Cheers, Simon
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