Hi, just wondering how the capital gains roughly would work on this investment property, tossing up weather to sell or not.
Built in 2004 and lived in by myself to 2009. I am the sole owner on the title
House at this time was valued at $290K
Looking at selling for $340K
Current part time wage is $42,000
So therefore would the capital gains be $340K - $290K = $50K
And then does the 50% apply, so $25K x roughly 32c = $8000
Does this sound right I would need to pay $8000
I know I need to consider the fees, stamp duty and stuff also into the calculation
Thanks!
Built in 2004 and lived in by myself to 2009. I am the sole owner on the title
House at this time was valued at $290K
Looking at selling for $340K
Current part time wage is $42,000
So therefore would the capital gains be $340K - $290K = $50K
And then does the 50% apply, so $25K x roughly 32c = $8000
Does this sound right I would need to pay $8000
I know I need to consider the fees, stamp duty and stuff also into the calculation
Thanks!