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Tōku tūahuatanga hoko mai, hoko atu rānei My buying or selling situation

Home
Home
  • Property
    • Buying and selling residential property
      • When you buy and sell
      • My buying or selling situation
        • Buy or sell a main home
        • Buying or selling a property used as a rental
        • Buying a property to sell
        • Buy or sell a holiday home
        • Inheriting a residential property
        • Selling overseas property
        • Relationship property agreements
        • Subdividing and developing property to sell
        • Having to sell unexpectedly
      • The bright-line rule
      • Property and associated persons
      • GST and residential property
      • Income tax filing and property sales
      • Keeping records when buying a second property
      • Residential land withholding tax

If you're buying residential property, make sure you know what your tax obligations will be when you come to sell the property.

Check the buying and selling situations below to find out whether or not the profit from selling a property you intend to buy or sell might be taxable.

Information to give property lawyers and conveyancers

Regardless of what sort of residential property you are selling, you will need to provide information to your property lawyer or conveyancer.

Depending on your situation, information may include:

  • your IRD number
  • your taxpayer identification number (another country's equivalent of an IRD number), if you have one
  • a completed Residential land withholding tax declaration - IR1101 form.

If you are related to the buyer you must provide details of your relationship to them if they are considered to be "immediate family", which in this case means a person who is:

  • your spouse, civil union partner, or de facto partner
  • your parent, sister, or brother, or
  • your child or child's spouse or partner
  • the parent, child, sister or brother of your spouse, civil union partner or de facto partner.

Pages in this section
  • Buy or sell a main home If you're selling your main home you're unlikely to pay tax on any profit when you sell it, unless you purchased it with the intention of selling it.
  • Buying or selling a property used as a rental You may have to pay tax on any profit when you sell the property, it depends on your reasons for buying it or how long you've owned it.
  • Buying a property to sell If you're purchasing a property with the intention of selling it, you will have to pay tax on any profit when you sell the property.
  • Buy or sell a holiday home You may have to pay tax on any profit you make when selling a holiday home, depending on how long you’ve owned it or your intention when you bought it .
  • Inheriting a residential property If you inherit a residential property, it's unlikely you will be liable to pay income tax if you sell the property.
  • Selling overseas property New Zealand tax residents pay tax in New Zealand on their worldwide income, including income earned from selling overseas property.
  • Relationship property agreements If you receive a property as part of a relationship property agreement, you will not pay tax on the property when it's transferred to you, but you may need to pay tax if you sell it.
  • Subdividing and developing property to sell Any property including subdivided land which was purchased with an intent of resale is taxable with some exceptions.
  • Having to sell unexpectedly Sometimes things change, but it's your intention when buying a property that matters.

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