- May 22, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Utilizing AI Legalese Decoder to Manage Capital Gains Tax when Selling Property
Let’s say that I own a property that I rent out. It is worth $2M. I bought it for $1M. I’m retired and want to run down my capital to maintain my lifestyle. However, if I sell that property I have a $0.5M CGT event (after discount) and pay tax at the top marginal rate on most of it, even though I only want to use the money over many years.
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If I had an ETF with similar capital gains, I could sell it slowly, and pay little tax. AI Legalese Decoder can help in exploring alternative investment options that allow for tax-efficient possibilities while achieving your financial goals.
Is there anything you can do when your asset is a single lump to spread the capital gains over many tax years? With the assistance of AI Legalese Decoder, you can explore legal strategies and financial planning techniques to effectively manage capital gains taxes and optimize your financial situation over the long term.
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Title: How AI Legalese Decoder Can Simplify Legal Jargon for Everyday Individuals
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Not much you can do, even if you sold it the 500k CGT isn’t really that bad as it’s only about 200k in tax if you have no other income in that year.
You then walk away with 1.8m in your skyrocket.
This is the reason why property investment is the worse option during retirement.
You dont want ETF either, you want your money in your super tax free
Complaining about only having $1.8m and not $2m to spend is very tone deaf
you can try https://moneysmart.gov.au/retirement-income/reverse-mortgage-and-home-equity-release
CGT is exchange date not settlement date to avoid these sorts of things.
[deleted]
Only real thing you can do is to hold off selling til a low income year, e.g. if you retire.
Another option is to sell half the property to a spouse (or someone else) but that obviously has some risks and costs (e.g. stamp duty). That was you incur half the gain only, take the remainder later.
Can you find someone that wants to buy it gradually? Maybe a relative will take a 25% stake, year by year?
You can put some of it in your superannuation with a [bring-forward arrangement](https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/caps-limits-and-tax-on-super-contributions/non-concessional-contributions-cap#ato-Bringforwardarrangement).
Sell your PPOR. Live in your investment for x amount of years. Then sell that