$50k Tax Bill on Currency Exchange
Jul 22nd 2017, 9:41 pm
#1
Lost in BE Cyberspace
Thread Starter
Joined: Jun 2005
Location: In a large village called Auckland
Posts: 5,249
$50k Tax Bill on Currency Exchange
Wow, this is a new one on me:
"...... when the New Zealand dollar strengthens, taxpayers with international mortgages are seen to have made a gain, because - in theory, at least - their New Zealand dollars are worth more to pay their overseas mortgages."
https://www.stuff.co.nz/business/949...she-never-made
"...... when the New Zealand dollar strengthens, taxpayers with international mortgages are seen to have made a gain, because - in theory, at least - their New Zealand dollars are worth more to pay their overseas mortgages."
https://www.stuff.co.nz/business/949...she-never-made
Jul 23rd 2017, 12:26 am
#2
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Joined: Oct 2011
Location: Wellington - I miss Castles, the NHS & English school system
Posts: 9,077
Re: $50k Tax Bill on Currency Exchange
think that will catch a lot of people out
Jul 23rd 2017, 7:16 am
#3
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Joined: Jan 2016
Location: Suffolk
Posts: 744
Re: $50k Tax Bill on Currency Exchange
The NZ Dollar strengthens, so any UKP income she gets after the rental mortgage is paid is worth less, the property is worth less, the mortgage isn't even paid in NZ Dollars and she made a GAIN?
Lies, damned lies, and tax rules.
Lies, damned lies, and tax rules.
