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What would a sale today leave me?
See the cash a sale today would leave, after the loans, the costs and the tax.
If sold takes the loan payouts, the selling costs and the estimated tax off a property's value today, and shows the cash left. The Redbank Plains house is worth $745,000 and would leave $340,996. Nothing is sold or saved.
1. Where do I find it?
In the sidebar, What if, then If sold. With more than one property it opens Properties to choose one. Each property's own page has it too.
Under the answer, Net position after the sale and Living costs covered: how many months the people's cash would pay their living expenses.
2. What comes off the value?
- Loan payouts: the part of each loan borrowed for this property.
- Selling costs: 2.5% of the value unless you set another rate. 2.5% of $745,000 is $18,625.
- Estimated tax: the change to each owner's income tax for the year, with the gain in it.
- A HELP repayment, where the sale raises one.
Repaying a loan lowers cash and debt alike, so only the costs and the tax lower the net position.
3. How is the tax worked out?
Each owner's tax for the year is worked out with the sale and without it, and If sold shows the difference. For a rental with records still missing, it says it's an estimate and Show what the estimate assumes lists what it took.
Property tax and CGT estimates explains the gain and the rules it follows.
4. What makes the answer closer?
To make this answer closer lists each record that would sharpen it, such as the buying costs or the depreciation claimed, with a link to its form. With Not sure for the main residence, the tax can't be worked out, and the answer is before tax.
5. Does it change my records?
No. Once a sale has settled, Record the sale, under More on the property's page, ends its ownership. Properties has the steps.