From 27 March 2021, the bright-line period is extended to ten years from the previous five years.
For some home sellers, this means that if they bought their property on or after 27 March 2021, they will need to pay income tax on their profits when sold within the 10-year bright-line period.
When you are selling your home with Optimo, we will provide you with a lawyer who can explain if and how the bright-line rule applies to you and what it means for you if your property is sold.
There are several exceptions to the rule, and it might be not very clear for you to understand what it means to your income. In most cases, the rule likely won’t apply to your property, as main homes are excluded. However, we will thoroughly explain to you what will happen after selling your house through Optimo.
At Optimo, we ensure we are much more than just real estate agents, and we will help you sell your home on your own terms. That’s why we have a group of professionals, from marketing experts, photographers and room stagers to lawyers and your personal agent, to help you with the sale. When you sell through Optimo, there are no hidden fees, and you can stage your own open home whenever it fits your lifestyle and can make the final decision about the sale of your house. If you would like to find out more about our process or how the bright-line rule would affect your profited income, get in touch with our team, who would be more than happy to answer a few questions.
For more information, visit our website at https://www.optimo.co.nz/.
Source:: New Zealand