News

Deductions you can claim on an investment property!

By Liam O'Boyle

Deductions you can claim on an Investment Property

  • Rates and insurance
    • Interest paid on money borrowed to finance your property
    • Agents fees and commission relating to the rental of the property
    • Repairs and maintenance (except if they substantially improve the property)
    • Motor vehicle and travel expenses
    • Legal fees for arranging the mortgage or finance to buy the property
    • Mortgage repayment insurance
    • Accounting fees for the preparation of accounts

From the 2010 Income year and beyond

  • Legal fees for buying and selling a property can be deducted. This is provided your total legal expenses for the income year, including the fees associated with buying and selling a property, are equal to or less than $10,000. 
  • Before the 2010 income year legal fees for buying and selling a property are not deductible

Source http://www.ird.govt.nz/property/property-investment/deductions-you-can-claim-landing/

Up to Date

Latest News

  • What Makes a Good Property Manager: Five Things to Look For

    Saying the title ‘Property Manager’ out loud often raises eyebrows amongst vexed renters. Landlords who have had bad experiences may boo and hiss, too. The audience from which you’ll hear the nicest things said about property managers is one full of landlords who have been down the stressful road of … Read more

    Read Full Post

  • How to Prevent Fire in the Home

    House fires can turn from a small flame into a burning inferno in less than 30 seconds. As with many things, prevention is key when it comes to reducing the risk of fire in rental properties and family homes alike. It’s of the utmost importance for landlords and property managers … Read more

    Read Full Post