A client bought land. The intention was to sell for a profit. He sold the land after two years, and made a loss.
The question is whether he can use the loss to offset other income, such as salary and interest etc.
Read MoreWe have a client who inherited three rental properties in Sept 2017. We are looking at transferring these properties into a Trust the client has created. Will they be caught under the brightline test and if so how will the gain be calculated, as she didn’t pay anything for the properties.
Read MoreIf a property is being sold and is subject to tax under the bright-line test, are all the holding costs since the property was purchased deductible?
Are rates paid back to the time of the initial purchase deductible on sale?
Read MoreCould you confirm the following is correct:- Because property was jointly owned, then upon a relationship property transfer into one party's name, it is treated as being transferred on the same day as the original purchase and so falls outside of the bright-line test.
Read MoreBackground: A husband and wife jointly own two properties. One is their main home (in Takapuna) and the other one is a holiday home in Whangaparaoa.
Pursuant to their wills, the holiday home will be passed to one of their sons. The wife died recently and the property titles will be transferred from their joint names to the husband. If the holiday home were to be passed to the son now instead of at the time when the husband dies, will the transfer trigger any tax implication?
Read MoreI have a client who bought a residential property on 20.01.2017 This was their holiday home. They bought it under their Family Trust. They want to transfer this property to their Limited Company and rent it out.What would be the tax implications ?
Read MoreA client has a rental property. There are two houses on the land, offering a home and income situation. He has rented for 4 years. He now plans to split the property into two titles, and sell the house. I assume he is not liable for income tax for changing the title and sell as it was an rental investment property?
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