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onelasttime
23-03-2007, 13:19
Hi all,

Im really unsure if anyone would know - but I thought I would ask.

I am looking at selling my house and I will need to pay capital gains on my share (not hubby share) Does anyone know how to work out on how much capital gains I would pay?

Does it work by paying a % on the profit we make? I'm really unsure so if you have any info that would be GREAT :smiliedance:
RedPanda
23-03-2007, 13:25
If the house is your primary residence (and has been for at least a year), I don't think you have to pay capital gains. Is it an investment?
onelasttime
23-03-2007, 13:39
Well this is where it gets tricky, I did have an investment but sold it 2 yrs ago and that was my primary resisdent, and the house I'm in was my secondary resisdent ( I think - this stuff really confuses me :banghead: ) Does that help?
Mummaof2
23-03-2007, 13:41
If the house has been your main residence for the last 12 months you do not have to pay capital gains tax.

If the property was your main residence for 12mths of the last 5yrs you may still not have to pay capital gains tax.

Capital gains is calculated as follows

Sale Price - Purchase Price - Costs in selling the house (commission, legal fees, advertising) - Costs in purchasing the house (stamp duty, legal fees) = Capital Gain.

If the property has been owned for 12mths or more whether you occupied it or it was an investment property you are entiteld to a 50% capital gain discount.

So just say your capital gain was $100,00 you would only pay capital gains on $50,000.

I hope this helps if you need any further information feel free to PM as I work in an accounting firm
Mummaof2
23-03-2007, 13:43
Well this is where it gets tricky, I did have an investment but sold it 2 yrs ago and that was my primary resisdent, and the house I'm in was my secondary resisdent ( I think - this stuff really confuses me :banghead: ) Does that help?

If you have lived in the current house and it has been your main residence for 12mths after selling your previous house then no you do not have to pay capital gains.
Issey
31-03-2007, 23:32
I need help with this too. will be watching