Working for Families

[cube]

Quoted from an NZ Herald Article.

Some may not realise they're entitled to money because their salary is too high, whereas once any "losses" on rental property are taken into account their income is much lower on paper.

Is this something that people are taking advantage of - looking at the form (IR215), it looks like cash loses (excluding depreciation) can be used to offset income, reducing one's overall income, allowing you to become a property investor and beneficiary in one go.

cube

[SuperDad]

For more on this, see the following thread:

http://www.propertytalk.com/forum/showthread.php?t=8279

Paul.

[JohnL]

I know an accounting firm who has expertise in this area (tax advantages for having a young family and rentals have been around along time - recent law changes have made it even better!!). Most accountants aren't aware of all you can do and yes, the properties have to be in your own name and you can claim up to three and still get the very significant benefits (not sure of the conditions/details as I don't have a young family anymore).

PM me if you want their name.

John