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From: The Gow's
Hello all
My wife and i were looking at our first IP being a new property, but after reading a lot of the posts here, we have found a nice 25year old property UP for AUCTION (God help US). We feel we could make a good capital gain on this one with a bit of hard work & cash. What would the difference be in the tax effect on my wages if we bought this compared to a new one in similar price bracket $150k - $170k. I give the TAX man about $28k per ann.
Thanks in advance
jgow
Hello all
My wife and i were looking at our first IP being a new property, but after reading a lot of the posts here, we have found a nice 25year old property UP for AUCTION (God help US). We feel we could make a good capital gain on this one with a bit of hard work & cash. What would the difference be in the tax effect on my wages if we bought this compared to a new one in similar price bracket $150k - $170k. I give the TAX man about $28k per ann.
Thanks in advance
jgow
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