Three properties were bought at a discounted price as buy to lets. Two have been let successfully but the third has not been let after 4 months. Meeting the interest on money borrowed is causing problems and the sale of the one unlet property will be necessary
If the unlet property is sold at a profit will the profit be considered as capital gains or as income tax resulting from trading in property?
Income tax or CGT
2 posts • Page 1 of 1
Income tax or CGT
by musty on Fri Dec 02, 2011 10:19 pm
- musty
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- Joined: Wed Aug 06, 2008 4:00 pm
Re: Income tax or CGT
by pawncob on Sat Dec 03, 2011 9:21 pm
Depends on your history. Probably CGT, but if you've bought/sold properties in the past it could be income tax rates.
With a pinch of salt take what I say, but don't exceed your RDA
- pawncob
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- Location: West Sussex
2 posts • Page 1 of 1
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