Do we include inheritance and personal property as a sole prop when filing small business tax return

By Marc Sevitz · Updated 17 September 2014

I'm helping my mom do her tax for her small business. We have deducted all the necessary amounts under the expenses section. My mom owns a house that is standing empty and she has a small inheritance of about R100 000. she is a sole prop. do we have to declare this? they are not part of running the business. this is invested in a money market account. she does declare the interest earned to tax.

TaxTim Marc said:
23 September 2014 at 9:39

You do not need to declare the inheritance this year if it was in previous years, otherwise put the amount under "amounts not considered taxable"