short Sale of lot question -
Subject: short question
I own a home that we bought this year in April, and
want to sell a lot that I have had for many years. Can I avoid capital gain if I
sell before Christmas or are they( rev can) that strick about when I can
sell this?.
Until buying this place in April, we had previously
rented for many years, and didnt own our own home.
thanks.
Our accountant said to just sell, as we could
probably slip it though. Said that they are doing that all the time. what do you
think David....?
thanks
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david ingram replies;
The sale of the lot is clearly subject to capital
gains tax and your accountant's advice makes you both subject to criminal
conspiracy charges for evading income tax.
Shoot the accountant or at least change
accountants. It is very poor advice.
pay the tax and then you do not have to worry about
someone turning you in five years from now.
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