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  • Tax on sale of Rental Property

    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.

  • #2
    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
    SEARCH PropertyTalk, About PropertyTalk

    BusinessBlogs - the best business articles are found here

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    • #3
      Originally posted by donna View Post
      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


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      • #4
        Originally posted by Lodestar View Post
        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/buy...formation-form

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        • #5
          This website is now very annoying, while posting it continuously is asking for password despite already signed in.

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          • #6
            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.
            Want a great looking concrete swimming pool in Hawke's Bay? Designer Pools will do the job for you!

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            • #7
              Originally posted by BlueSky View Post
              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
              SEARCH PropertyTalk, About PropertyTalk

              BusinessBlogs - the best business articles are found here

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