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Help with a tricky situation

Discussion in 'General Investing Discussion' started by Chumps, 27th Apr, 2012.

  1. Chumps

    Chumps New Member

    27th Apr, 2012
    Melbourne, Vic
    Hi everyone this is my first post and yes this is a tricky one not quite sure what to do so here is my story. 4 years ago we built a brand new home and took at an investment loan for $275,000. We were trying to help out our son & his partner and their 2 young children in giving them stability and a very low rent of $220 per week btw the loan is interest only for 5 years and also a investment for us.
    During this time the gas, electricity& phone is in our name as well. The rent was very hit and miss more miss than anything so in total not a lot was paid as un employment was an issue, I might mention we signed a rent statement for rent allowance. Because of circumstance they are now interstate. My husband would like to sell the property as of bad memories. The house would fetch between 360-380 in this market or we could rent it out @ $360 per week. My question is we have never claimed or declared anything on this property what happens if we sell do we pay CGT or if we rent it out through an agent do we start from that date and if so do we just get a valuation from the agent or the bank. Hope you can help. Chumps