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Real Estate Buyers become Tax Collectors

Withholding rules on the sale of property by foreign residents have been introduced. This potentially turns property buyers into tax collectors. The rules apply where real property contracts are entered into on or after July 1, 2016, but only apply to sales of residential property where that property has a market value of $2 million or more. Withholding will not …

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Depreciation Tax Deductions for Property Owners

Many investment property owners are missing out on substantial tax deductions every year because they are simply not aware of all their depreciation entitlements What is a Depreciation Deduction? Depreciation is the reduction in value of an asset that occurs over time due to everyday wear and tear. Savvy Property Investors know this and claim tax deductions for that decrease …