Tax deduction for insurance on rental property

  Written by Alicia   Posted 22 July 2016

Can the excess I paid on an insurance claim be claimed as an expense on my rental property and are the proceeds from the insurance claim taxable?

How should joint rental income and expenses be split and declared?

  Written by Alicia   Posted 22 July 2016

My wife and I (married outside of community of property) jointly own a property (50/50). We rent this property out, and receive a rental income in doing so. The lease agreement with our tenant lists both myself and my wife as the lessors. The rental payment from the tenant is made into my own bank account, from where it is balanced into my wife and I's joint monthly household budget. There are also monthly expenses associated with leasing our property, such as maintenance, services, and bond int...

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How much tax must I pay annually if I'm a pensioner earning investment income only?

  Written by Alicia   Posted 21 July 2016

I am 70 years old. IEarn R180,000 interest lumpsum annualy. I have a wife without any income.

I've already filed a return can I resubmit through you?

  Written by Alicia   Posted 20 July 2016

I've already submitted my tax return for 2016, but have just discovered your website. Can I resubmit my tax return through you now for the same tax year?

Can i claim back the tax I paid while earning commission income?

  Written by Alicia   Posted 20 July 2016

I earned R50 000 commission for the year and paid R6000 tax, can I claim perhaps?

I then started a new job November last year, for which I have my IRP5.

Rental property - Repairs and maintenance/capital expenditure

  Written by Alicia   Posted 19 July 2016

An individual moves out of their primary residence on eg 12 March 2015 to rent it out and purchases (and pays) for a new oven on 17 March to replace the existing oven which is not working properly. The oven is purchased so that there is a working oven in the property when a tenant moves in. A tenant starts renting the property from 1 July 2015 (only from July 2015 and not sooner due to not being able to find a tenant sooner). The oven is installed on July 2015 when the tenant is renting the property...

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Income calculator if work 4 months in tax year

  Written by Alicia   Posted 19 July 2016

I worked 4 months in tax year and was given severance package will I get a refund or must I pay in as the sars directive indicates no tax payable

Do you get a refund on extra provident savings done at work

  Written by Alicia   Posted 19 July 2016

If you pay an extra amount on your provident fund at work,do u get money back like you would with an RA

Medical claim for dependent

  Written by Alicia   Posted 17 July 2016

If the wife pays medical aid and he is a dependent can she claim on her tax return the out of pocket expenses for him

Rental expenses but not receiving rental income

  Written by Alicia   Posted 15 July 2016

I have another property where my father lives. I still pay the bond, levies electricity and water etc.... Can I claim those expenses without receiving any rental income?

If not, would you advise that I ask rent from him in future for that to be possible?

Do I have to submit my IT3 a 2016.

  Written by Alicia   Posted 15 July 2016

Do I need to submit my IT3(a) and will I get any tax returns?

Verification/Audit Outcome

  Written by Alicia   Posted 15 July 2016

Hi. I am in a bit of a panic. My personal tax return was selected for verification/audit. SARS requested that I provide documentation for my depreciation deduction. I've submitted what I have, but don't know whether the docs would be sufficient. What would the outcome be if the depreciation deduction is not deemed valid? Would they just disallow the deduction or am I going to get fined? Do I need professional assistance or should I just wait it out?

Is my bond installment, tax deductable?

  Written by Alicia   Posted 14 July 2016

Hello Tim. I am a home owner and currently staying in the house where do I have to put in the amounts that the bank send me via a tax invoice? The invoice states that its for tax purposes.

Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?

  Written by Alicia   Posted 13 July 2016

I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?

I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...

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What expenses can I deduct on my Forex earnings?

  Written by Alicia   Posted 13 July 2016

I am a full time employee, earning a salary every month. I recently started trading Forex and understand that the profits will be added onto my existing income for the year and taxed accordingly. I would like to know what kind of expenses can be deducted from tax that is paid on the profits for that year. Can I deduct my "office space", adsl / fibre internet (full monthly subscription), % of municipal bill, interest on bond, etc as all of these items are used to generate or assist in gen...

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According to SARS criteria, I dont need to sumit ITR12. But do I still submit IRP6 twice yearly?

  Written by Alicia   Posted 12 July 2016

I'm a provisional taxpayer. According to recent communications from SARS, I no longer need to submit ITR12 any more as I match all their criteria. My question is: Do I still need to submit the IRP6 twice yearly?

Will my refund be issued if I have old returns outstanding?

  Written by Alicia   Posted 12 July 2016

I have completed my income tax, and there is a refund owed to me. Will this be paid out if I have not done the assessments for the years 2011 and 2012. But I do not have any documentation from those years

SARS is verifying my assessment

  Written by Alicia   Posted 12 July 2016

Dear TaxTim. I have completed my Efiling early in July 2016 and shortly after were asked to supply supporting Documents which I did. Then a few days later Sars send me a correspondence reading: " Verification if Assessment" under the heading Completion Letter. What is suppose to happen now? Since then its been a few days but no refund or any news since ?

Medical expenses for children

  Written by Alicia   Posted 11 July 2016

My children are on my ex husbands medical aid, but I am paying half of all their medical expenses in cash. Can I claim for it

What are the allowable deductions for a consultant?

  Written by Alicia   Posted 11 July 2016

What expenses can I claim for as a consultant

DO I GET MONEY BACK

  Written by Alicia   Posted 11 July 2016

How do I know if I get money back from SARS

Assets in the form of Cellphones, Laptops, Cameras - Are these tax deductible as I use it for work

  Written by Alicia   Posted 11 July 2016

I bought a new Personal Computer (Laptop) for both work and personal use in November 2014 as the 2nd hand ones were always breaking down or crashing. Also bought a new Photographic Camera in 2014 for both uses as well. I also invested in a new Cellular Phone last year as the one I had was 2nd hand and very unreliable. This I done just before embarking on an arduous film shoot in KZN where I would be very dependant on it for communication purposes as to the ever changing schedule. Long story short. . . I have never claimed for wear and tear and as I use it for work purposes too I would like to find out whether its possible as a tax deductible and how I should go about it...

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Are IT3B's required in document verification for a refund?

  Written by Alicia   Posted 8 July 2016

My interest from local sources (4201) is less than the maximum annual limit allowed by SARS. I was selected for document verification. Do I need to submit my IT3B's for the document verification since this document doesn't affect my refund?

claiming for raising grandkids

  Written by Alicia   Posted 8 July 2016

We are raising our grandchildren can we we claim

Can company expense bond related expenses for property owned by director but used & paid by company?

  Written by Alicia   Posted 7 July 2016

I bought property in my personal name and started a B&B which is registered as a PTY. Can the PTY expense the interest on the bond and the bond installments since it utilises the property and pays for it even though it is registered in my name?
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