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From: Mike .
Turning an IP into own home
From: Littlemaze
Date: 5/23/00
Time: 4:28:46 PM
I am considering upgrading to a bigger house and have found one. As it is not a great time to sell my existing house (townhouse with a summer feel) I was considering buying the larger house and renting it out for 6 months when I think I will get a better price for my existing house. I think I buy the new one for $260K and rent it out for $275pw.
The advantages that I can see are: tax deductions for: 1. the minor things I want to put in it (new shower screen, ducted gas heating (capital), tidy up garden), 2. stamp duty (house in ACT), 3. interest 4. capital allowance reasonable rental yield.
Disadvantages: CGT when I eventually sell, Quantity surveyor to get figures for capital allowance, tenant insurance.
Has anyone turned their IP into their primary place of residence?
Any comments, suggestions and advise would be greatly appreciated.
PS: have I got my advs and disadvs right?
Turning an IP into own home
From: Littlemaze
Date: 5/23/00
Time: 4:28:46 PM
I am considering upgrading to a bigger house and have found one. As it is not a great time to sell my existing house (townhouse with a summer feel) I was considering buying the larger house and renting it out for 6 months when I think I will get a better price for my existing house. I think I buy the new one for $260K and rent it out for $275pw.
The advantages that I can see are: tax deductions for: 1. the minor things I want to put in it (new shower screen, ducted gas heating (capital), tidy up garden), 2. stamp duty (house in ACT), 3. interest 4. capital allowance reasonable rental yield.
Disadvantages: CGT when I eventually sell, Quantity surveyor to get figures for capital allowance, tenant insurance.
Has anyone turned their IP into their primary place of residence?
Any comments, suggestions and advise would be greatly appreciated.
PS: have I got my advs and disadvs right?
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