Is the sale of an old house & purchase of a new house show on my tax return?
By Marc Sevitz · Updated
If I sold my old house for R830,000 & bought a new house for R1,150,000 do I need to inform SARS of this?
I did this in order to move closer to my place of employment.
I did this in order to move closer to my place of employment.
You need to indicate in your Tax Return that you sold a property that would attract capital gains tax.
You need to include the proceeds of the sale less any fees for making the sale and then the cost of the property plus any purchase fees and the cost of any improvements to the property in the relevant section of the Tax Return.
However, since this was your primary residence there is a R2m exemption on capital gains tax and therefore there won't be any tax payable on this sale.
You need to include the proceeds of the sale less any fees for making the sale and then the cost of the property plus any purchase fees and the cost of any improvements to the property in the relevant section of the Tax Return.
However, since this was your primary residence there is a R2m exemption on capital gains tax and therefore there won't be any tax payable on this sale.
Wow!
That answer was fantastic!
I should also have asked where on the tax return I disclose these details?
That answer was fantastic!
I should also have asked where on the tax return I disclose these details?
Glad to hear it was helpful!
in the opening questions, you need to answer yes to the question asking if you sold an asset that would attract capital gains tax.
And then scroll down to the section in your Tax Return with the heading "Determination of Local Gain/Loss" and fill in the relevant details.
in the opening questions, you need to answer yes to the question asking if you sold an asset that would attract capital gains tax.
And then scroll down to the section in your Tax Return with the heading "Determination of Local Gain/Loss" and fill in the relevant details.
Hi TaxTim
Very helpful indeed.
You guys are just great!
Thankyou
Very helpful indeed.
You guys are just great!
Thankyou
Only a pleasure!