Just recently we sold an IP owned under LTC in an Auction without endorsing the depreciation clause.
We owned the said property for over 10yrs for which depreciation has been claimed
The settlement is due soon.
Does it make a difference, tax wise, as the house has been owned over 10yrs ? do I still have to pay tax on depreciation claimed ? and or how can it be mitigated ?
Or does it really disadvantage the purchaser having the ' depreciation clause' if we now endorse it through both solicitors NOW? - What does it stop doing so ?
Or how would you make the loss minimum if the purchaser is unwilling to add the 'depreciation clause' now ?
Any one else who has been through this process & got it sorted ?
Any advise/comments on those lines is highly valued.
Anita
We owned the said property for over 10yrs for which depreciation has been claimed
The settlement is due soon.
Does it make a difference, tax wise, as the house has been owned over 10yrs ? do I still have to pay tax on depreciation claimed ? and or how can it be mitigated ?
Or does it really disadvantage the purchaser having the ' depreciation clause' if we now endorse it through both solicitors NOW? - What does it stop doing so ?
Or how would you make the loss minimum if the purchaser is unwilling to add the 'depreciation clause' now ?
Any one else who has been through this process & got it sorted ?
Any advise/comments on those lines is highly valued.
Anita
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