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Can I deduct the commission earned by the attorney on a deposit?

Posted 24 May 2016 under Tax Q&A


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Mimi says:
24 May 2016 at 12:58

We bought a house and gave a large cash deposit to the attorney to hold. The transfer of the house took a while so the interest accrued amounted to some R65000. However, the attorney took as a commission about R10,000. Both amounts are shown on the IT3b. SARS included the total interest on my tax return but disallowed the deduction. Is there any way to get the deduction?

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TaxTim TaxTim says:
24 May 2016 at 13:14

This legal cost would be included in the base cost of the asset when you sell it one day and therefore would reduce the capital gains tax payable. Unfortunately, it is not deductible now.


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