Trust and Rental Property Taxes
Trust and Rental Property Taxes
Stagler Tax Accountants have been helping its clients with trust and rental property taxation matters. We have been doing this for years and can help you too.
Rental properties may be either residential or commercial. The rental property owner may be allowed to take certain tax deductions such as mortgage interest and depreciation. Rental income is generally taxed at the ordinary income tax rate.
If you own a rental property or are considering buying one, it is essential to understand the tax implications. We can help you determine what you can claim and how to maximise your tax return. We can help you take advantage of all the deductions you are entitled to, and we can make sure your rental income is taxed correctly.
Trusts are a popular way to hold rental property, offering asset protection and flexibility. We can help you set up a trust and advise you on managing it.
Contact us today for a free consultation.
The areas we can help you with are:
- Preparation of Rental & Commercial Property Returns
- Advice on financial and tax aspects regarding your rental property
Preparation of Rental & Commercial Property Returns
We are experts in preparing rental and commercial property returns. We have a team of experienced accountants who are familiar with the New Zealand tax system and can ensure that your return is filed correctly and on time.
We understand that rental properties can be complex investments with multiple income streams and expenses. Our team will work with you to ensure that all your income and expenses are accounted for to maximise your tax deductions.
We also offer other services for rental property owners, including tax planning and advice, financial statement preparation, and bookkeeping.
Contact us today to discuss how we can help you with your rental property taxes.
Advice on financial and tax aspects regarding your rental property
It’s crucial for you to fully understand the tax and financial management considerations when renting your property.
When making financial decisions, you must ask questions about the mortgage payments, repairs, upkeep, and other expenses involved. It may be beneficial to talk to your accountant or your tax advisor to be sure you are following your budget and not exceeding your financial budget.
From a tax perspective, there are a few key things to consider.
- You’ll need to declare any rental income earned on your annual tax return.
- Keep all the invoices/ expenses records.
Stagler Tax Accountants offers the following advice for those who own rental properties in New Zealand:
- Keep track of your expenses – This will help you during tax filing and when it’s time to sell the property.
- Understand the different types of income – Rental income can be either taxable or non-taxable, so it’s essential to understand which category your income falls into.
- Be aware of deductions you can claim – As a rental property owner, there are many tax deductions that you may qualify for. Make sure that you’re aware of all of them.
