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From: Todd Dick
First
I would like to thank all of those (you know who you are) who provide their knowledge on issues in here on a daily base. I think I can express from all who visit this site and participate – how much we appreciate the information and various debates you guys and gals contribute in here.
My question:
If I was to buy a property with purpose as a Owner Occupier and immediately knock down the existing house on the property (not even move in) to build a dual-occupancy - would I have to pay capital gain tax on selling either of the two?
Scenario 1
If side 1 was for investment and side 2 was to live in – if I immediately sold side 2 without even moving in, and kept side 1 as a rental, would I pay CGT on side 2?
I am sure there may be some other Scenarios that might work better than what I have listed above that might get me out of CGT. What I am trying to do is buy a property with some land (not big enough to subdivide), knock down the existing house (very old and rundown), whack up a dual occupancy, sell one immediately following construction to help offset some of the costs to build and leave the other as an investment.
Anyone have any suggestions on how the above could be worked out to not pay CGT? Any other suggestion on what might be a good investment set-up to that above?
Thanks
--Todd.
First
I would like to thank all of those (you know who you are) who provide their knowledge on issues in here on a daily base. I think I can express from all who visit this site and participate – how much we appreciate the information and various debates you guys and gals contribute in here.
My question:
If I was to buy a property with purpose as a Owner Occupier and immediately knock down the existing house on the property (not even move in) to build a dual-occupancy - would I have to pay capital gain tax on selling either of the two?
Scenario 1
If side 1 was for investment and side 2 was to live in – if I immediately sold side 2 without even moving in, and kept side 1 as a rental, would I pay CGT on side 2?
I am sure there may be some other Scenarios that might work better than what I have listed above that might get me out of CGT. What I am trying to do is buy a property with some land (not big enough to subdivide), knock down the existing house (very old and rundown), whack up a dual occupancy, sell one immediately following construction to help offset some of the costs to build and leave the other as an investment.
Anyone have any suggestions on how the above could be worked out to not pay CGT? Any other suggestion on what might be a good investment set-up to that above?
Thanks
--Todd.
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