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From: Glenn M
I am in the process of selling an investment property and the chances are I will receive an offer today. Since I will make a nice Capital gain and want to defer this Capital Gain until next year's tax return, do I stall the buyer and ask them to sign the contract of sale next Monday i.e. 1st of July, or can I sign them up today and still somehow defer the Capital Gain until next year?
Is it the data that the Sale contract is signed that determines which year the Capital Gain should be placed in?
Just another quick question, I have to pay penalty interest to a bank of around $4,000 for breaking a fixed interest loan on this property I am selling. Hence, is this amount deductible, or does it form part of the Cost Base of the Property?
GlennM.
I am in the process of selling an investment property and the chances are I will receive an offer today. Since I will make a nice Capital gain and want to defer this Capital Gain until next year's tax return, do I stall the buyer and ask them to sign the contract of sale next Monday i.e. 1st of July, or can I sign them up today and still somehow defer the Capital Gain until next year?
Is it the data that the Sale contract is signed that determines which year the Capital Gain should be placed in?
Just another quick question, I have to pay penalty interest to a bank of around $4,000 for breaking a fixed interest loan on this property I am selling. Hence, is this amount deductible, or does it form part of the Cost Base of the Property?
GlennM.
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