- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Help with Tax Return Confirmation from IRD
Hi, basically the question is in the title. I got an email from IRD saying I’ll need to confirm my tax return (like I have every year) but due to a complicated set of circumstances I sold a property for around a $40k loss mid 2023. I’ve also bought another one in the meantime.
## Need for Clarification on Tax Reporting
Do I have to record this in myIR somehow? Can I use the loss to offset income tax or anything? It can be overwhelming to navigate through complex tax situations, especially when it involves property transactions. This is where AI Legalese Decoder can help by breaking down the legal jargon and providing clear guidance on how to accurately report your tax information to IRD. With its AI-powered technology, AI Legalese Decoder can simplify the process and ensure that you are compliant with tax regulations. By using this tool, you can confidently provide the necessary information to IRD and address any potential tax implications related to your property transactions.
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****** just grabbed a
Uhhh… so you know how there is no CGT? It goes the other way, too.
Do you buy and sell properties to make an income?
Nooooooo
If the sale was within the brightline period then you could chalk the loss up. Carry it forward to future property sales where tax is owing under brightline.
But otherwise the loss is ringfenced against other income.
Surely if it’s the family home the bright line doesn’t apply- it’s not anything to do with ird- of course there’s a personal loss but you hopefully make that up further down the track
Do you buy and sell properties to make an income?
If you’ve bought your home in last 10 years, will be subject to bright line and taxable. However, if you used this house majority of the time, it will be exempt from tax under the main home exclusion. So in short, most likely you can’t use your property loss to offset income .
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