We are buying a small commercial property which will be leased out. We do own other residential properties for which I am doing our own IR3R and IR3 returns as I do have some the knowledge of the how once I understand the what needs to be done. The rent is just not that much that we want dilute the returns with more expenses as we are retired. I am struggling to understand to find information on IRD website on commercial property tax returns for individuals(not a company). The returns on this commercial property is tiny $15,000 plus GST per year. I understand the GST side of tax eg need to be GST registered, collect the GST and then opt for how we will pay the GST to IRD. The questions I have is related to how we treat the rent from this commercial property on our personal tax return IR3
1) Do we fill the IR3R forms for the commercial property as we would with a residential property?
2) If not, what forms do we fill?
3) any links to share on tax matters for individual ownership of commercial property
4) any accountants that would provide consulting/advisory to help me learn the what needs to be done instead of doing it for me. eg teach me how to fish. I understand of course there will be a cost associated.
Thanks in advance
1) Do we fill the IR3R forms for the commercial property as we would with a residential property?
2) If not, what forms do we fill?
3) any links to share on tax matters for individual ownership of commercial property
4) any accountants that would provide consulting/advisory to help me learn the what needs to be done instead of doing it for me. eg teach me how to fish. I understand of course there will be a cost associated.
Thanks in advance
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