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Hi,
Are the proceeds of an IP sale added to one's income?..if so... Is there a solution to avoid this legally?..add to super?..buy another investment?...any advice appreciated..
Cheers
Mike
Hi,
Are the proceeds of an IP sale added to one's income?..if so... Is there a solution to avoid this legally?..add to super?..buy another investment?...any advice appreciated..
Cheers
Mike
Thanks for both replies...own with relative 50/50 ..inherited in 2008..worth 20% less now....rural.
Cheers
Mike
If you inherited it, that value would the cost base. So, unless I'm having a little "senior moment" you wouldn't have to add anything to your income if it has lost value, or am I missing something? You would carry forward the loss and could offset it against a gain in the future.
Do make sure you check with your accountant though before making any moves. I could be wrong.
"senior moment"
Cost base could be the cost base of the deceased, not the value at the time of the death.
Thanks...we had agent appraisal at the time $245k...then pro valued 2013..$195k
Now..somewhat less than 200k....if sell for eg.200k..I get 100k...not counting costs..
Then the 100k goes on top of my taxable income..eg 100k+ 100k..= 200k taxable income..
Correct?..not sure...but if it is..omg....
should we wait till we both retire?..are there different rules after 65?
Cheers
Mike
Hi,
Are the proceeds of an IP sale added to one's income?..if so... Is there a solution to avoid this legally?..add to super?..buy another investment?...any advice appreciated..
Cheers
Mike
Thanks... I will try & check the date that Pop bought it..might be prior to 1986..hope so..
Thanks for everyone's input..
OK so if Pop passes his PPOR to us...then we turn it into an IP..and now 6 years down the track...we try & sell...and the value is less than when we started...CGT Loss..?
Cheers
Mike
Hi, we haven't lived in it...had it rented from the first opportunity after inherited..
Pop passed in 2008...he bought in 1984/5...under 30k...value in 2008 @245k...rented till now..value now under 220k..more or less...under 3 acres..
Cheers