The Capital Gains Blog

Archive for the ‘Property Capital Gains’ Category

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The Commercial Observer: Last year, Eastern expanded its loan sales group. How has the response been? Mr. Hauspurg: We actually started in 2005, which was a bit early, but we could see what was coming. The values were getting out of hand and we knew at some point the banks were going to become big players. It took a lot longer than we thought, and loan sales, even in 2009, there wasn’t a lot…

Alamogordo Real Estate Home for Sale. $289500 5.00bd/2.25ba. – NELSON, MIKE of alamonelsonteam.com

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What Financing? Those who follow Chinese astrology know that this is the Year of the Tiger, the proverbial king of the jungle admired for its vivid stripes that symbolize the balanced forces of yin and yang.

Question: Capital Gains Tax on property?

Hi, I’ve got a question regarding UK capital gains tax – I am the sole owner of a house, which is my current permanent residence. My mum and my grandmother also live at the property, and they pay a rent to cover 100% of the mortgage. The property is never in profit – their contribution covers the mortgage, and is declared on my tax return. My question is, in future, will there be a capital gains tax liability on the property when I come to sell it? I heard from a friend that the rules on renting to more than one ‘tenant’ become complicated with regards to capital gains tax, so any advice would be appreciated! Obviously, being family, we haven’t got any official contract drawn up between us. It’s an informal arrangement as such. What I’m also keen to find out is if the situation changes should I buy a second property for myself to live in (and declare as my permanent residence). If you require any other info to advise in this matter please let me know and I’ll add a further comment!

Answer: Family don’t count if they are living with you. It’s not rent they pay you it’s a contribution for utilities etc.

You may also be interested to know that you can have a lodger in your home and receive circa £4000(approx) rent which is allowed tax free, see the link below

Taxman using Land Registry to nail tax dodgers

Kevin Reed, Accountancy Age , Monday 22 March 2010 at 10:18:00 Buy-to-Let landlords and those selling a second property targeted by HMRC Land Registry details are being used by the taxman to track down tax dodgers. UHY Hacker Young has warned buy-to-let landlords and people selling off second properties that HM Revenue & Customs is using Land Registry details to match up against those failing to …

Question: Are there any tax advantages for the seller of a property, who is not exchanging, in a 1031 exchange?

Answer: No, nobody actually has a tax advantage in a 1031 exchange. The person who is exchanging one property for another similar property (to qualify for the 1031 exchange) is only postponing the taxes on the gain(s).

Highlight sheet scores through March 4

• Each week’s complete list of highlight sheet scores are currently appearing on the bottom of the Sunday Bowling Page. So, if you notice that your league’s highlight sheets are not appearing, please contact your league secretary. Thank you.

Question: A 1031 Exchange of a single family dwelling rental into apartments. Good idea? if not how can I make it work

Answer: Not 100% sure, but I think on a 1031 you must buy a similar property. Single family to single family.

Landlord has right to enter property

Q:When does a landlord have the right to enter a rental property? For example, the smoke detector was going off and the renters were away for the weekend. Or the lease says that three adults can live on the property, yet the landlord knows that four adults are now living on the premises. Can a landlord enter the property without the consent of the renters at any time?—Barbara

Junipine Resort Creekhouse