News

Deductions you can claim on an investment property!

ByLiam 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

  • Privacy Commissioner Releases Revised Tenancy Privacy Guidelines

    Following the issuing of new tenancy privacy guidelines in May, then their retraction in June, the Office of the Privacy Commissioner (OPC) has consulted with the real estate industry and issued revised tenancy privacy guidelines. Why were the privacy guidelines retracted in June? Back in July we covered the … Read more

    Read FullPost