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bright line test x

  • Family trust winding up and Bright-Line test


    Bought a rental property through the Family Trust in 2020. Now considering to wind up the Trust. Is the Bright-Line Test rule going to apply here?

    My family lawyer and I are the trustees, my children and I beneficiaries.

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    Last edited by Perry; 13-09-2021, 04:53 PM.

  • Repeal of interest deductions - fundamentally wrong

    I can understand the capital gain tax increase (or bright-line if you want a more palatable term!) as most countries have some form of capital gains tax but taking away interest deductions is fundamentally wrong.

    Owning an investment property is a business (as stated by the IRD). Businesses...
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  • elliot
    started a topic bright line test

    bright line test

    We purchased a section a year ago and we are building a house on it. It is jointly owned. Recently our daughter has returned to NZ and we will sell the property to her. Can I sell to the property to her at the cost of the section and building. If this is the case there will be no tax under the bright...
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  • elliot
    started a topic bright line test

    bright line test

    I intend to build a new investment property. I may sell within 5 years. If the bright line test is applied, would I calculate the value of the new home as the actual costs of building plus section or is it based on a valuation done when completed? The 2 numbers could be quite different.
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  • BDub
    started a topic Paying tax on subdivided section

    Paying tax on subdivided section

    Situation- brought a house 2 years ago and done a full reno on it, we are currently going thru the process of subdividing the backyard and getting plans done up to build.

    We have found another deal that has a far greater profit that we would like to try get.

    We are thinking...
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  • Purple Property
    started a topic Bright Line Test and Tax

    Bright Line Test and Tax

    If we buy a home, live in it and renovate it, spending 12+ months and several thousand dollars and then sell it, is it tax free capital gains?

    I've read IRD determine what your intention was when you bought it, but who is to say they can prove our intention wasn't to keep it?
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