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.

[Dorisliu]

Hi, could any landlord let me know how significant are these results? Will it affect my property being rented out in the future? Is it something I need to claim insurance for?

[joesanga]

Hi there,

I am looking at a 3 bed property in Hamilton to be purchased as an IP. Is it worth converting the dining room to a single room so that it would then attract the rental of a 4 beddy house to improve my cashflow? Or will this turn off prospective tentants as it won't have a big...

[Soleus]

I have bought a two bedroom house for my son. He is on a sickness benefit and has a housing allowance. He has two flatmates. One lives in the house and the other is in a sleepout and uses the houses amenities. What are my responsibilities as a responsible land owner and landlord to my son and his f...

[Lodestar]

We are trying to help our son to buy a rental property. But afraid that his girlfriend who is living with him might take half of what we put in if they split after 3 years. What is the best way to protect our money. We would not be asking our son to pay us back. Should it be a conditional gifting (...

[marzy]

Greetings all. We have a rental property that is split level. Downstairs is self-contained, has it's own entrance and seperate power supply. We are looking at getting seperate water meter as well. When we brought the property, the downstairs tenants were long term but have recently purchased their own...

[steamroller]

Hi team,

I'm looking at buying a section and building a house and would be looking to rent it out as a holiday rental primarily, using it myself for a month or so a year, possibly retiring there eventually.

My thinking is that it would be best to avoid the GST net if possible...

[crashy]

Low-value asset threshold for depreciation
The Government has recently passed legislation that temporarily increases the low-value asset threshold for depreciation from $500 to $5,000. This will allow you to deduct the full cost of your business assets with a value of less than $5,000 in the...

[Yakima]

First time posting after some deep searching on the Forum and Google too - I find myself lost in a bureaucratic maze and hoping someone may know the answer!

I have a new rental classed as a two bedder with a 'sunroom'. The sunroom was added to the 50s property in 1972 and the plan notes...

[Chelsea]

Hi there
My parents just received a 2020 ACC levy invoice.
They have a LTC company set up to manage the rental property, but both of them are retired and over 70, are they still liable to pay ACC levy? Is this because they are the owner of LTC so liable to pay ACC?
If the rental...

[deechnz]

Hi,

Just wondering if I can claim all the same expenses as a tax deduction that I currently do with a normal rental property (e.g. mortgage interest, R+M, rates, insurance etc) if I operated the house with airbnb?

The house would obviously still be an investment for me, but...

[artemis]

I know that costs incurred soon after buying are capitalised but is the reverse true? Currently tidying up a rental for sale - maintenance, (part) redec in and out, general flossying up - and am assuming costs can be expensed. Is that correct?

Also I realise that costs in the year of...

[coolbananas]

This might be a bit of a random question.

My LTC owns a property in Wellington. I live outside of Wellington.

Do I have a right to vote in the Wellington elections because I pay rates in Wellington? Or technically it's the LTC that pays the rates therefore am I unable to vote?...

[Keys]

A comment I read somewhere led me to think. If the IRD does not allow depreciation of assets on a rental property, can the Tenancy Tribunal use depreciation rates to minimise the cost to the tenant for destroying said (un-depreciable) assets.

[chrisgoh]

Planning to install ventilation system in my rental property.

Considering HRV and Smart Energy, which is better?

Any advise on the pros and cons of ventilation system? Is it effective in reducing mould and dampness?

Thanks!