Tax on sale of Rental Property

[Lodestar]

I had sold a rental property in March this year under my LTC. I had this property for over 5 years. Do I need to inform IRD for this sales and the capital gain I have? Please adivse what I should do. This was my only rental property. Thank you.

[donna]

Get a property accountant like GRA.

Plus read up on capital gains tax etc. It’s all about your intention as well as the bright line test.

cheers

Donna

[BlueSky]

Get a property accountant like GRA.

Plus read up on capital gains tax etc. It’s all about your intention as well as the bright line test.

cheers

Donna

They are a bit too expensive for a single property - a good property account should be able to know


They are good in all matters of tax but unfortunately bit too expensive - you think with all the efficiencies it will be getting cheaper

[BlueSky]

I had sold a rental property in March this year under my LTC. I had this property for over 5 years. Do I need to inform IRD for this sales and the capital gain I have? Please adivse what I should do. This was my only rental property. Thank you.

There are two things you cannot avoid
death and Taxes and guess what IRD has all systems linked money -- cash cow for this Lab govt to pay for all their mistakes

https://www.ird.govt.nz/property/buying-and-selling-residential-property/the-brightline-property-rule/complete-a-property-sale-information-form

[BlueSky]

This website is now very annoying, while posting it continuously is asking for password despite already signed in.

[Perry]

That would be very annoying. If no other PT forumite is having that problem, try another web browser, in case your present one has indigestion.

[donna]

This website is now very annoying, while posting it continuously is asking for password despite already signed in.

Plus check for software updates. I use Chrome and Safari.

cheers

Donna