Hi, can someone rec. an accountant with an excellent knowledge of property transactions / -ve gearing / capital losses etc – we are in the Eastern Suburbs.
Secondly – we are going to sell our PPOR – looks like we will make a significant loss (around $50k)..can this be classified as a capital loss or does this only apply to investment properties? Thanks.
hi andymitchell
email me your detail to the email below and I will give to robert and he will be in touch.
you shouldn’t be selling ppor at a loss as they are difficult to file off put it depends the structures you are using.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Hi, I emailed you some high level details of our situation, for all the others out there…here is is:
Hi,
Thanks for the response. Our situation is this:
Bought unit in N. Randwick off the plan in late 2002, 515k.
Wish to sell this year, probably worth around 480k? A recent valuation put it between 480-515K, so I’m leaning towards the low end.
We need to speak to an accountant who can talk us through our options re capital losses.
We want to get out of the unit before it drops further in value – not sure if this is the right thing to do, or what other options we have.
Thanks for the help,
Have you thought of renting it out??
Claim the interest, High Depreciation (as it only a couple of years old). Then if you decide to sell it , you can claim some of the loss if you end up taking a loss on sale.Mal
Getting out of your comfort zone, can help you become comfortable
yes, thats one of our options I guess…though it would be havily -vely geared…and I dont know enough about this area, hence the accountant recommendation. I was thinking if we did rent it out, would this then classify the unit as an investment property, and if we sold it then the loss would be a capital loss to carry forward? I know this is probably untrue, so need expert advice.
I think if you rented it out that you are able to proportionately claim the capital loss based on the period as and Investment against the total period of ownership. And you can also take into account the capital costs of purchasing it. Ie. Stamp Duty etc.
Mal
Getting out of your comfort zone, can help you become comfortable
Are you sure this is your PPOR? If so, you cannot claim any loss.
Terryw
Discover Home Loans
Parramatta
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OK, thanks for the advice – any recommendations for an accountant we can discuss our situation with – if we need to rent the property etc? Thanks.
My accountant is in Edgecliff. Peter Lang from PLA management. Don’t have the number with me, sorry.
ScottTax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.au
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