The bright line rule is very simple. It states that you may have to pay tax if you sell a residential property for a profit within 5 years of the purchase date unless an exception applies. You can read more about it here.
This is also very simple the calculation is as follows:
Profit = Sales Price – Purchase Price – Deductible Cost
This calculator can be used to estimate the additional tax that you may be required to pay if the bright line tax rule applies to you. This calculator is only meant to be an estimate. Please always refer to advice from a tax expert such as an accountant.
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