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New Zealand does not have capital gains tax on property, so therefore there is only the US tax after expenses. I was just on the NZ website to clarify this.
Please review this guide (scroll to page 5) from the NZ tax authorities. It indicates that where a person purchases property with the intent to make a profit, that the profit is taxable. Consequently, NZ does in fact have a capital gains tax, which may apply to your circumstances.
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