Do I have to pay tax on property I sell?
Do I have to pay tax on property I sell? That depends on your reason or intention at the time you bought the property.
When deciding whether or not you should pay tax on the profit from the sale of a property, the IRD look at your intention when you bought it.
If you bought the property with the firm intention of selling it when prices rise—to make a gain from the increase in the property’s value—the profit is likely to be taxable.
However, if you bought the property to provide a home for your family, any profit from the eventual resale will most likely not be taxable.
See the attached booklet for further information.
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