Sam has been buying and selling properties for a profit since January 2010. Sam acquired 14 properties and sold all 14 properties between January 2010 and December 2018. The average length of time the properties were held was 8 months. In March 2012 Sam acquired a property on Long Street as a long term investment. Sam rented the property out to a tenant until the property was sold in March 2018.

1. Explain whether the proceeds from the sale of the property on Long Street are taxable.

Answer rating: 100% (QA)

The taxation of property sales depends on various factors such as the type of property the purpose of acquisition the length of holding the frequency ... View the full answer