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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
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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


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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.

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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
              Email Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk


              BusinessBlogs - the best business articles are found here

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