New Tax Rules Proposed for Holiday Homes The IRD has recently released an issues paper in relation to the tax treatment of mixed-use assets. Whilst the issues paper will apply to a range of assets including yachts, launches, aircraft for example, its application to holiday homes is likely most relevant to readers and clearly the main intended target of these proposed changes. Current Rules Currently one is entitled to a tax deduction for expenses incurred in deriving taxable income. In the case of a holiday home where there are periods during which the property is rented the law is very[...]
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