Originally posted by Rosco
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My blog. From personal experience.
http://statehousinginnz.wordpress.com/
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Originally posted by Bluecoat View PostMy accountant seem to think I don't need to repay DEP claw back if selling LTC to a trust. Property purchased 7 years ago in an LTC
Has anyone come across this?
Ask them what section of the income tax this is, and then post that section on here.
RossBook a free chat here
Ross Barnett - Property Accountant
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Sorry last thing - are you selling the actual properties? Or just transfering the shares in the LTC from personal names to Trust?
There is catches with moving shares in LTC, but there are also some exemptions that result in no recoveries.
Generally if you have an LTC, you wouldn't sell the properties to a Trust. And as I have put above you would do a share transfer (with expert advice) as this would generally be a lot cheaper and easier, and give the same outcome!
RossBook a free chat here
Ross Barnett - Property Accountant
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