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Building cost deduction

Posted 22 April 2013 under Tax Q&A


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I am a single parent trying to build a home for my family. The bond that I qualified for on my salary does not cover all expenses and I've had to pay for a lot of things out of my own pocket, such as R22 000 developers' fee for building on a plot, R17 500 getting electricity supplied to the plot, R15 000 getting sewerage connection to the plot, R5 500 for water to the plot. Can I claim for these expenses as a tax deduction?

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TaxTim TaxTim says:
22 April 2013 at 19:19

You cannot claim theses costs as a deduction, part these costs will form part of the base costs of the property so that in the event that you sell the property the capital gains tax owing on any profit will be smaller.


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235 DAYS
LEFT OF
TAX SEASON
2017


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

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