Hi all
I'm wanting to better understand tax implications on subdivision. I own a property zoned mixed housing urban which has enough site to be sub-dividable.
- If I've own the property for more than 10yrs, then subdivide and sell either or both (with houses that have been on them for more than 10yrs), are these sales then clear of income tax?
- Or, do I need to do the subdivision and then wait for 10yrs before sale to become clear of income tax?
Appreciate your views on this.
Thanks PropertyTalkers
I'm wanting to better understand tax implications on subdivision. I own a property zoned mixed housing urban which has enough site to be sub-dividable.
- If I've own the property for more than 10yrs, then subdivide and sell either or both (with houses that have been on them for more than 10yrs), are these sales then clear of income tax?
- Or, do I need to do the subdivision and then wait for 10yrs before sale to become clear of income tax?
Appreciate your views on this.
Thanks PropertyTalkers
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