- RussellParticipant@brigadoonJoin Date: 2015Post Count: 2
Hi thx for your support. The media keeps tossing up stories about the Govt stopping negative gearing. I’m a novice investor with only 2 investments, but it seems to me that no matter how an investment gets played the Govt always get their end of the deal? So what’s all the fuss? Any good articles or opinions (pls fair and balanced) out there to help me understand this better?
BrigadoonJason StaggersParticipant@jason_staggersJoin Date: 2006Post Count: 61
Hi @brigadoon. I wrote about this earlier in the year. Let me know if it answers your questions. All the best.RussellParticipant@brigadoonJoin Date: 2015Post Count: 2
Thx Jason. Good well written article. What’s missing in all of this tax talk is the fact most of the small time investors are just trying to make a living here. We’re not really in the game to provide brand new housing schemes. However, I’d be happy to pay my fair share of tax on any income I make on a property, if the tax rules allowed for every expense involved with buying an investment property to be claimed in the year the funds are spent! But maybe that’s a greenhorn thing to say.
BrigadoonDeanCollinsParticipant@deancollinsJoin Date: 2015Post Count: 376
….the best deal around capital gains tax here in the USA is
“qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if the following is true:
•You owned the home and used it as your main home during at least 2 of the last 5 years before the date of sale.
So basically every 2 years you can make $250/500k in capital gains on your primary home tax free :)
Outside of this the capital gains tax is 0%/15%/20% depending on your income level……so basically the Australian government is making a ton of money on property inflation……regardless of how poor they would like to claim that they are.