Hi all :)
i have a couple of questions in regards to CGT for anyone more knowledgeable on the subject. Obviously i will be going to my accountant soon but just wanted to have any relevant paperwork i needed.
I sold a vacant block of land last financial year at a higher price than purchased around 9 years ago so obviously will attract CGT. Couple of questions.....
# I had a bank loan for the land and paid a fair amount of interest over the years, is the interest paid used to offset capital gain?
# Are any capital losses due to shares sold able to offset capital gain on the land? (i have losses brought forward over the years from share invesments)
# Are the council rates/water charges i paid over the years used to offset capital gain?
Cheers for any reply. Obviously my accountant will instruct me on all of the above, just trying to go in with a little heads up :)
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