Residential
Maximize your returns on residential properties and ensure compliance
Expert Tax Solutions for Residential Property Owners
Owning a residential property can be a rewarding investment, but it also involves navigating a complex web of tax obligations and regulations. At Ysquared Chartered Accountants, we specialize in providing comprehensive property tax services tailored to the unique needs of residential property owners.
Understanding Your Tax Obligations
As a residential property owner, it’s crucial to understand the various tax implications associated with your investment. These include:
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Income Tax: Rental income from your residential property must be declared and is subject to income tax.
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Deductions: You can claim deductions for various expenses related to your rental property, including mortgage interest, property maintenance, and management fees.
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Depreciation: While residential property itself cannot be depreciated, certain fixtures and fittings can be, providing additional tax benefits.
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Bright-Line Test: If you sell your residential property within a certain period, you may be subject to the bright-line test, which can result in tax on any capital gains.
