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

  • Is it Time to Regulate the Property Management Industry?

    You may have heard the recent news about the government’s decision to undertake a review of the Residential Tenancies Act 1986. Housing Minister Phil Twyford has indicated that the ultimate goal of the review is to improve the life of renters while also protecting landlords’ interests. A significant first step … Read more

    Read Full Post

  • Top Tips for Shading Outdoor Areas

    Spring is a great time for planning and planting outdoor areas and, with many Kiwis understanding the importance of keeping sun smart, it’s worthwhile considering how you might go about shading these outdoor areas — both to protect skin and eyes and also to protect your property from the high … Read more

    Read Full Post