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41
You may consult BIR on this.They have a one stop counter in every office. I would consider this as an installment sale and you're right, it should only be taxed on your "gains"
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43
General Discussion / Capital Gains Tax Imposed on Sale of Property Under Bank Mortgage
« Last post by woulfe27 on December 21, 2016, 10:18:38 PM »
I have an Avida condo unit that is under mortgage with BPI, and I already paid 1M of the total cost of the unit. I'm selling the unit for 2.4M and BPI said they will help the buyer get a loan so that he may continue with the payments. The plan is for the buyer to pay me 1M and the rest (1.4M) will be financed by BPI via a new loan account under the buyer's name. However, BPI is not sure how the capital gains tax will be applied. Will the capital gains tax be applied to the 1M that the buyer will pay me or will it be applied to the 2.4M cost of the unit?

I checked BIR Form 1706 and there are several options available for computing the tax base that will be used to determine the capital gains tax, but it's all very confusing (Cash Sale, Installment Sale, Foreclosure Sale, etc.). I just think that it isn't fair to impose the capital gains tax on the 2.4M when in reality, I will only earn "gains" from the 1M that the buyer will pay me, and the rest will be received by Avida as payment from the buyer via BPI (through a home loan ).

Any feedback will be greatly appreciated.

Thank you.
44
If you have somehow acquired a poor credit rating in the past you may have been turned away from bank after bank who is not willing to give you a home loan. There are a number of ways in which you may have been labelled as a credit risk. Loan or mortgage arrears, defaults, judgements, bankruptcy and even company liquidation.

Even if you have entirely paid your judgement or default, this can affect your credit history from lodgement date for 5 to 7 years, even debts you thought may have gone away can come back and ruin your dreams if it is re-lodged by another company. Trying to obtain a loan can become a nightmare simply because you made a few mistakes in the past. But whatever the reason, Bank Said No believe in second chances and that sometimes, the unavoidable just happens, and it doesn’t mean you are a risk forever.
45
General Discussion / What are the benefits of living in Bacolod?
« Last post by zab04 on December 14, 2016, 08:59:37 AM »
Hello! I just want to ask what are the benefits of living in Bacolod City? My best friend is considering this house and lot for sale in Bacolod - http://suntrust.com.ph/bacolod/. I just want to help her out. Thanks in advance.
46
Real Estate Laws and Current Events / Advice? (Investing)
« Last post by jhonnydepp01 on December 10, 2016, 02:44:13 PM »
Just wanting to know if I could get guidance or advice / advice on what I should do; As I think about buying a mortgage and renting a real estate, then reselling it at a later date. I am only an 18-year-old Apprentice engineer from England, who earns about £ 1,250 a month without the attached chains (just the phone bill, personal items and keep).

Any help I will be grateful for! ......

P.S I am looking into saving obviously and to start investing once I have the correct amount money.
47
General Discussion / Re: What are the pros and cons of buying a condo
« Last post by crosswindstagaytay on December 02, 2016, 11:48:16 AM »
hi, I'm a newbie here but I also wanna share my thought, I think condos are good investment din especially CONDOTELS.
48
Buy / Sell / Options you Have to Sell an Old House
« Last post by homesteadroad on November 29, 2016, 02:27:58 PM »
Everyone here wants to get the top market price while selling house. But it depends on repairs and replacements required there.

However still you have many more options to sell your house for top market price. Options are below.

1) Getting your house repaired before putting it into the market

2) Choosing different options if the minimal repairs are required, Like

Selling it yourself

Listing it on MLS

Selling it for payments

Renting it out

3) Selling your house “As is”.

If you prefer to sell your house as is or want the fair cash offer instant contact Homestead Road. We Buy Houses in any condition
49
General Discussion / Re: free property portal for your property listings
« Last post by Andytaylor on November 28, 2016, 11:32:09 PM »
Thanks for share,  this is a good site
50
General Discussion / Re: How to buy a Pre selling condo in Manila ?
« Last post by Andytaylor on November 28, 2016, 11:30:16 PM »
Thanks for your reply :)
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