implications of selling land

We have a block of land which we were going to build an investment property on.
Can we still claim all costs involved in buying, selling, interest, council rates etc if we are now going to sell as our circumstances have changed.

Your replies are greatly appreciated.

Wendy
 
Hi Wendy,

When did you buy the property? Assuming you bought it in the last few years, the holding costs can be added to the cost of the property when you sell, reducing the amount of CGT payable.
 
settlement for the block was in April 09 (signed contract feb 09). Our accountant has been verrrry slow in getting our personal tax in order this year and still has not submitted it.

We were just wondering if we should not be claiming anything as it did not end up with investment property on it. Just not wanting to do the wrong thing and getting in trouble for it.

Only have decided in the last few days we should get valuation done on our block and put on market within the next couple of months.

Wendy
 
Top