Vacation Home - What do I submit/declare in my Personal Tax Return?
By Alicia Human · Updated
I bought a house December 2023, which are rented out as a vacation home. This is my first house that I bought and do not know what I need to submit/declare in my Personal Tax Return for 2024. Can you please assist?
You should declare the rental income and allowable deductions in your tax return. I suggest creating a spreadsheet detailing your monthly rental income and expenses (from December 2023 to 28 February 2024).
Below is a list of all the rental expenses you can claim (if any are applicable):
-Electricity
-Rates & taxes
-Water
-Levies
-AirBnB agent and rental agent fees
-Accountant's fee
-Other costs:
-Bond interest (SARS allows only the interest to be deducted against the rental income, not the larger bond/mortgage/capital repayment)
-Advertising costs
-Insurance (this is for the property itself, not household contents)
-Gardening services
-Security and property levies
- Wear and Tear Calculator on furniture
-Repairs and Maintenance
Please read our blog for more information here Rental Income Tax Guide
If your rental income yields a profit, you need to register as a provisional taxpayer.
Please refer to our Provisional Tax Guide for further details.
Below is a list of all the rental expenses you can claim (if any are applicable):
-Electricity
-Rates & taxes
-Water
-Levies
-AirBnB agent and rental agent fees
-Accountant's fee
-Other costs:
-Bond interest (SARS allows only the interest to be deducted against the rental income, not the larger bond/mortgage/capital repayment)
-Advertising costs
-Insurance (this is for the property itself, not household contents)
-Gardening services
-Security and property levies
- Wear and Tear Calculator on furniture
-Repairs and Maintenance
Please read our blog for more information here Rental Income Tax Guide
If your rental income yields a profit, you need to register as a provisional taxpayer.
Please refer to our Provisional Tax Guide for further details.