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Article: Taxation and the sale of your rental property.
- Article from:
- Australasian Business Intelligence
- Article date:
- April 29, 2003
CopyrightCOPYRIGHT 2003 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Apr 29, 2003 (Australian Property Investor Magazine - ABIX via COMTEX)
The sale of a rental property has tax implications for the investor. The income tax statement on rental income and expenditure may need to be adjusted. The purchaser may need to be reimbursed for rent, which must be deducted from income. Adjustments may also be needed for such things as rates, water charges and body corporate expenses. Costs of releasing a mortgage are also deductible. Depreciation of assets can be claimed. Capital gains tax must also be calculated if the ...