My brother and I are planning on buying a property (50-50) with two houses on it (one title). I plan to live in one of the houses while the other one will be rented. What is the best type of entity to purchase this property, so that I do not have to return income on the house that I am effectively living in while my brother gets income on the other house (and can claim expenses)?
I have one hectare of land for sale in Raetihi. The power is connected and the water and telephone cables are laid. It was bought while I was living in NZ.
However, I am now living in Australia. If I sell this property does my change in domicile mean the regulations set down for an overseas investor now apply to me? If so, can you advise what this would mean - and especially whether a financial penalty responsibility applies?
If you sell a rental property at a large loss (i.e: change in market since purchased) is it possible to claw back any of the loss made through your personal income tax? If so, how do you go about it?