Revolutionizing Property Sales: How AI Legalese Decoder Can Simplify Brightline Real Estate Transactions
- November 29, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder Can Help You Navigate Brightline Tax Implications and Main Home Exemption Requirements
Has anyone here sold a property within brightline period and had the IRD contact them? If so, what information/evidence do they require if you claim main home exemption?
In a bit of a tricky spot as I have recently finished building a house (my first home). However due to life changes and employment commitments I am now living in a different city and I might not get the chance to live in the house before I sell it. I am currently renting. Is there anyway I can avoid having to pay any capital gains tax or am I screwed.
Thanks
AI Legalese Decoder can help individuals in your situation navigate the complexities of the brightline period and main home exemption requirements. If you have sold a property within the brightline period and have been contacted by the IRD, the AI Legalese Decoder can provide guidance on the information and evidence required to claim the main home exemption.
Moreover, if you are in a tricky spot where you have built a first home but are unable to live in it due to life changes and employment commitments, the AI Legalese Decoder can assist in understanding any potential options for avoiding capital gains tax. The AI Legalese Decoder can analyze your specific circumstances and provide tailored legal advice to help you make informed decisions.
By utilizing the AI Legalese Decoder, you can gain clarity and confidence in navigating the complexities of tax implications and exemption requirements, ultimately helping you make informed decisions regarding the sale of your property within the brightline period.
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****** just grabbed a
> It’s important to note that having the intention to use the property as your main home is not enough, you must have actually used it for this purpose.
https://www.ird.govt.nz/property/buying-and-selling-residential-property/the-brightline-property-rule/exclusions-to-the-brightline-rule
YouÔÇÖre probably on the hook for CGT.
This assumes you are making a profit. If not then you should be fine anyway. Not the positive story you were hoping for I presume.
You only pay tax on the profit you make – so you shouldnÔÇÖt be worried about paying any taxes on the profit because of your life changes.
Brightline wasnÔÇÖt designed to capture this kind of situation but unfortunately it does. As an accountant IÔÇÖve seen plenty of people caught out by ÔÇÿlife changesÔÇÖ.
YouÔÇÖll have a lawyer doing your conveyancing and theyÔÇÖll more than likely advise you that it doesnÔÇÖt fit the bill of a main home (new build). Also do you expect to make more than the cost of building plus purchase price recently. You only pay tax on capital gains (profit).
Would you EVER go back to that city to live in it? You’ll rent it out and at least hold the capital value there. But yes you will be up for it due to the Brightline test if you sell it now. That COULD free uo money though to buy where you live now?
Never be afraid of making a profit and paying tax