If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.
Header Ad Module
Collapse
Announcement
Collapse
No announcement yet.
Keeping a property long-term that was intially bought as a trade
Is there a capital-loss deduction available?
What % rate, if any, is it based on & how do you apply for that?
Yes and no. Just like the taxes on gains (which are income tax profits) it only applies to properties purchased with h intention to sell. Honestly I've never seen it used for any clients ive worked on, but do know some traders in 09 who made losses and would have been eligible to claim.
Talk to your accountant, and if they don't seem to know, talk to Rosco here, or send me a PM.
Consider that tax rates change and personal tax rates and company rates will slowly go down (well so long as we don't vote the scum from Labour back in.) So longer term you will pay proportionately less tax, unless of course your taxable income goes up into a higher bracket.
hey guys - where does it state if one will be a trader or holder ? I bought 2 properties so far and kept it in my LTC since... but have not seen or been asked if I was to trader or holder ? (keep note i have never sold any properties in my life before)
can i just wake up one day and say ... Im going to trade.. so im a trader ... ? vice versa with holder... ?
Comment