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Receiving Gift from Overseas for purchase of rental property

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  • Receiving Gift from Overseas for purchase of rental property

    Hi,

    I plan on purchasing a residential rental property. My brother, who lives overseas, has agreed to gift me around $100k to go towards the purchase. The funds will be deposited straight into my NZ bank account.

    I understand there is no gift duty in NZ, but are there any other tax implications on the $100k gift that I should be aware of?

    Thanks in advance.

  • #2
    good luck with money laundering allegations.

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    • #3
      No tax implications. But as John has said, the banks may not like it.

      If at all possible, buy the property without using your brother's funds, then use the gift to pay off $100k of the mortgage. Same net effect, but without the bank hoop-jumping.
      AAT Accounting Services - Property Specialist - [email protected]
      Fixed price fees and quick knowledgeable service for property investors & traders!

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