We are considering selling one of our under performing
IP's which we have owned for approx. 4 yrs.
My question is: How serious is IRD in demanding
repayment of depreciation (clawback).
We have claimed aprox. $20,000 over 4 yrs.
Also should we be concerned about capital gains tax ?
We are obviously hoping to make a good profit which
can then be used to reduce our existing mortgages.
Our tax position will be inproved dramatically
by the sale of this property. (ie will will not be
claiming as much of a tax loss)
I would be grateful for any comments
Casacamo
IP's which we have owned for approx. 4 yrs.
My question is: How serious is IRD in demanding
repayment of depreciation (clawback).
We have claimed aprox. $20,000 over 4 yrs.
Also should we be concerned about capital gains tax ?
We are obviously hoping to make a good profit which
can then be used to reduce our existing mortgages.
Our tax position will be inproved dramatically
by the sale of this property. (ie will will not be
claiming as much of a tax loss)
I would be grateful for any comments
Casacamo
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