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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/

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