Reply: 1.1.1.1.1
From: Dale Gatherum-Goss
Hi Steve
>If you were developing
>property while you were still
>working(through a company or
>personally) and your capital
>expenditure deductions became
>more than your income, this
>would become a tax credit.
In this situation, you carry forward a tax loss to the next year if you mean depreciation deductions when you say "capital expenditure deductions"
>If you continued until you wanted
>to relieve some debt ,maybe
>years later,could these
>credits be used to lessen CGT
Maybe. A Capital Gain sits on top of your ordinary income. If your ordinary income = negative then the CGT will be lower than if you had a normal income.
>.Would credits relate to a
>particular property or any
>property.
Any property.
>A project creates $50,000 in
>tax credits ,if you wanted to
>keep these properties and sell
>one you have had for ten years
>,can the credits be used to
>lesson capital gains tax on
>sale of that property.
See above comments.
Dale