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From: Francis Lam
Hi,
I've purchased a vacant land 6 months ago and would like to sell it now. Currently I'm paying off the land and thus incurring interest charges. I was to initial build my dream home but have changed my mine since then. One option that I'm currently considering is to build a duplex but I feel it's alot of stress for little gain. My other option is to sell the land and run.
Details:
Area: Merrylands
Land Costs $240K
Expected Land sale $350K
Amount borrowed $192K
Question:
1) should I sell the land or build a duplex and rent it out
2)How much capital gain tax would I have to pay if I sell the land
3)If I sell the land, what should I use the money for. At the moment I'm considering to purchase a home and an investment house.
4)Is there any good Tax agent around Merrylands that I can consult
5)At what price should I sell the land to make selling the land a better option then to build a duplex.
6) Is there any pitt falls with selling the land.
Thanks
Hi,
I've purchased a vacant land 6 months ago and would like to sell it now. Currently I'm paying off the land and thus incurring interest charges. I was to initial build my dream home but have changed my mine since then. One option that I'm currently considering is to build a duplex but I feel it's alot of stress for little gain. My other option is to sell the land and run.
Details:
Area: Merrylands
Land Costs $240K
Expected Land sale $350K
Amount borrowed $192K
Question:
1) should I sell the land or build a duplex and rent it out
2)How much capital gain tax would I have to pay if I sell the land
3)If I sell the land, what should I use the money for. At the moment I'm considering to purchase a home and an investment house.
4)Is there any good Tax agent around Merrylands that I can consult
5)At what price should I sell the land to make selling the land a better option then to build a duplex.
6) Is there any pitt falls with selling the land.
Thanks
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