Hi there everyone. New here and looking forward to some good chats.
I've bought a couple of properties through Choices Acquisitions, an agency who negotiates discounts from developers and private sellers. The commissions are quite hefty, though I should be making enough in instant equity not for this to be a problem. My question is: what can I offset these commissions against? I would ideally like to offset against income so I can have the benefit now. However, it could be argued that the commission is part of the purchase price, and therefore only offsettable against CGT when I sell. I don't plan to sell so that wouldn't be much good to me.
I have also paid them a signup fee (some of you must be thinking I am a complete mug, but hey). This I guess must be offsettable against income since the fee isn't associated with any particular property.
Thanks,
Mark
I've bought a couple of properties through Choices Acquisitions, an agency who negotiates discounts from developers and private sellers. The commissions are quite hefty, though I should be making enough in instant equity not for this to be a problem. My question is: what can I offset these commissions against? I would ideally like to offset against income so I can have the benefit now. However, it could be argued that the commission is part of the purchase price, and therefore only offsettable against CGT when I sell. I don't plan to sell so that wouldn't be much good to me.
I have also paid them a signup fee (some of you must be thinking I am a complete mug, but hey). This I guess must be offsettable against income since the fee isn't associated with any particular property.
Thanks,
Mark
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