Posted by Rich-CA on August 08, 2008 at 19:23:11:
investors that I have seen post on this website. Since you have an “R” in front of the numbers I assume its not US dollars and the property is outside the US. Captial gains, or any tax, will be specific to the country you are in and you should seek out an accountant in S. Africs for advise on this.
Who gets what - please help! - Posted by Pieter
Posted by Pieter on August 08, 2008 at 05:24:47:
From South Africa…
I bought a Seaside Bank Repo for R 600 000. Valued at R 900 000. Thus R 300 000 sweat equity. No money down - 100% loan.
Offer was accepted in my CC - I am only member to the CC.
3 mnths later but before registration my brother decided to get into the deal 50/50(no money - just to split bond after registration).
Yesterday - I received cash offer for R 1300 000. We decided to sell. Now…
Who get what on the profit of the deal - between my brother and me? (I did everything - get the deal, negotiations. His part WOULD HAVE BEEN to split payment bond).
If i further negotiate for R 1400 000 offer - who gets what then on the deal?
Where does capital gains come in?
Please - I need HARD CALCULATIONS ON 1) AND 2) AND ADVICE on 3)
Regards
Pieter de Beer
Re: Who gets what - please help! - Posted by James (Ala.)
Posted by James (Ala.) on August 11, 2008 at 18:59:11:
I have not worked personally with Mr Erasmus but he has a lot of SA tax info on his webpage that you might want to look at.
James (Ala.)