Filing a rental property tax return in 2000:
1. Gather rent and expense records
2. Enter details into a simple spreadsheet
3. File a basic tax return
4. Done and dusted!
Filing a rental property tax return in 2024:
1. Sort through 12 months of receipts
2. Apply Ring-Fencing rules
3. Navigate interest deductibility changes
4. Figure out Brightline test (2, 5, 10 years…or forever?!)
5. Choose between personal, LTC, or trust structure
6. Check if IRD changed rules during your coffee break
7. Recalculate twice – compliance is the new cardio!
8. Think you’re done? The IRD audit letter shows up
Am I missing anything?
