W
WebBoard
Guest
From: Tony Donnell
Hi Everyone,
Seven years ago I built a duplex.
I kept one and now own it without a mortgage.
Today it would sell for around $380,000 to $400,000.
This unit was my primary place of residence for the past 7yrs.Last September
I built a new house and moved in.
I rent the unit out for $275 per week.
My accountant told me if I was to sell the unit now I would pay next to nothing capital gains or tax.
My question is considering I have a mortgage of $220,000 on my new home,should I sell the unit and pay out the new mortgage?
I was told that in the future be it 3yrs or 10yrs when I sell the unit I will pay capital
gains tax.This capital gains will be a considerable amount.
Not to forget the extra interest I will be
pay over the years on my PI home loan.
Any comments will be appreciated.
Thanks guys,cheers Tony
Hi Everyone,
Seven years ago I built a duplex.
I kept one and now own it without a mortgage.
Today it would sell for around $380,000 to $400,000.
This unit was my primary place of residence for the past 7yrs.Last September
I built a new house and moved in.
I rent the unit out for $275 per week.
My accountant told me if I was to sell the unit now I would pay next to nothing capital gains or tax.
My question is considering I have a mortgage of $220,000 on my new home,should I sell the unit and pay out the new mortgage?
I was told that in the future be it 3yrs or 10yrs when I sell the unit I will pay capital
gains tax.This capital gains will be a considerable amount.
Not to forget the extra interest I will be
pay over the years on my PI home loan.
Any comments will be appreciated.
Thanks guys,cheers Tony
Last edited by a moderator: