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Confused! Just how do you make money from property?
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david29dpo wrote:it can be done, with hard work and common sense. like doz says, the hardest part is finding suitable houses these days. i have bought and sold 2 flats and 1 house this tax year, yes my CGT bill will be high be its a living. my tip is give the buyer what they want, and it will sell. hasn't failed me yet.
If you are developing properties for a living, then CGT will not apply. Your profits will be taxed as income.0 -
Might be worth reading this to see how fixing and flipping is done in style at the peak of a bubble
http://iamfacingforeclosure.com/
Olly## No signature by order of the management ##0 -
We have several BTL's and they do bring in an income, however very hard to find in the current market.
we're just buying a house to develop and hope to may 30-40k, but that is before cgt and we won't know when the next one is likely to come along, so I don't know if you can make a living out of it to be honest.0 -
mikael wrote:If you are developing properties for a living, then CGT will not apply. Your profits will be taxed as income.
I think that is why our accountant said for us to own them in our own names, we do not intend to sell them but if we did we would have to pay the tax. If owned via a company different rules apply because then they are company assets and not your own.0 -
however you do it, there is tax to pay !0
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prudryden I have just sent you a PM.0
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