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Q: I have a house in a good capital gains area and have moved into my partners house 6 months ago. He died and gifted me the house and 100 acre property. I have other income from smsf ( just turned 60), and another blue chip property shared with business partner. ( the rental provides a reasonable living for us both). My question is about the tax of the gift property in low capital gain area ( but where I choose to live) , and if I would best to rent the former dwelling, or sell it.?
A: I do need the income either rental or sale, but to rent will cost several thousand in compliance to new safety standards, but it is high capital gains area and will be a good investment if I can deduct from profit of rental to make the improvements- and lower tax thereby ?
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Q: I have a house in a good capital gains area and have moved into my partners house 6 months ago. He died and gifted me the house and 100 acre property. I have other income from smsf ( just turned 60), and another blue chip property shared with business partner. ( the rental provides a reasonable living for us both). My question is about the tax of the gift property in low capital gain area ( but where I choose to live) , and if I would best to rent the former dwelling, or sell it.?
A: Thank you - do you know if improvements made to make a property compliant for rental standard ( deck safety regulations ) can be deducted from first years rental for tax saving - otherwise I am told I will have to pay 40% - the accountant I go to said I cannot claim and should sell - but this does not seem right -seeing as new laws have made compliance essential and the Reno will cost around 25,000 -
question
Q: I have a house in a good capital gains area and have moved into my partners house 6 months ago. He died and gifted me the house and 100 acre property. I have other income from smsf ( just turned 60), and another blue chip property shared with business partner. ( the rental provides a reasonable living for us both). My question is about the tax of the gift property in low capital gain area ( but where I choose to live) , and if I would best to rent the former dwelling, or sell it.?