All Topics / Opinionated! / I want to ask about the tax on the sale of the house.

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  • naruk jung
    Participant
    @naruk-jung
    Join Date: 2022
    Post Count: 0

    I have a house that I just built and is free from any burdens. Then I will sell this house. Which held the land for about 2 years, but I borrowed a multi-purpose loan to build
    question
    1. The money received from the sale of the house must be used as income.
    2. When using the money from the sale of the house to close the multipurpose loan must also be taken into account for income tax. or just think of the difference

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi Naruk,

    Did you build it to live in?  And did you live in it?   If so, how long?  Have you asked your accountant these questions?

    Benny

    Profile photo of BennyBenny
    Moderator
    @benny
    Join Date: 2002
    Post Count: 1,416

    Hi Naruk,

    Are you out there?

    Benny

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    They are statements not questions

    but

    1. No that is not correct

    2. No that is not correct – loans have no bearing on CGT

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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