Tax returns for Investment properties

If you rent out your property or make an investment in a rental property, you need to declare all your rental income in your return. Also, you can claim the relevant deductions.

If you make a capital gain by selling or otherwise disposing off the property, it will be subject to Capital Gain Tax (CGT). However, there is an exception where you rent out the property you are living in.

If you have any investment property which is available for rent or is not rented, such as holiday home, hobby farm, etc., you opt not for rent:

  • CGT applies to the property just like a rental property
  • You might be able to include your cost of ownership in the cost base of the property. That would minimize any liability pertaining to capital gains when you sell it.

We make sure you identify all the eligible costs to be added in the cost base, as it may increase any capital loss. A capital loss can be carried forward for the application of future capital gains.

We assist our clients in keeping their records including correct depreciation schedule alongside capital works schedule.

To file your investment property return, keeping in mind all the aspects mentioned above, GBATC is here for you.