Income Property
As a sole trader can I balance the two property sales revenue with the burden of the development of IT Products?
Do all that is the only revenue traders rental income from my property and I am my IT services revenue will be treated as one income and expenses. I am responsible for income tax on the sale of my house and I need to know if I can offset the gains on the development of new software products for both my business of IT. Even better you can show evidence to support your answer!
Sale of second property will be subject to capital gains tax, not income taxes, so you will not be compensated by your income from your business IT.
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