Two Homes? Don’t Get Caught Out | Impression Real Estate
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Two Homes? Don’t Get Caught Out

Posted by Impression on 25, Jun 2021

Do you plan to travel or live in a second house for more than 12 months of the year?

Or will you be on secondment from home? There are quite a few Kiwis who divide their time between homes or countries. That may cause an issue when you come to sell, though: the bright line test may apply if you sell a home within 10 years. It’s possible you could find yourself having to pay income tax on your gains.

If you expect to be away from your home for more than 12 months, talk to your accountant to get advice about how to manage your tax situation. 

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