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Can I claim the interest I paid on the bond for both my properties?

Posted 25 November 2016 under Tax Q&A


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Sundesh says:
25 November 2016 at 13:43

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the rental income?

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TaxTim TaxTim says:
25 November 2016 at 15:16

Unfortunately you will only be able to deduct the interest on the bond related to the actual property, unless you can get a detailed statement from the bank indicting what the attribution is to the rental income earning property.


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TaxTim
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