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Capital Gains on joint ownership of property where only one person is the primary resident.

Posted 20 August 2015 under Tax Q&A


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Andre says:
19 August 2015 at 13:18

I am joint owner (50%) of a property with my son. He is the primary resident, I am not. If we sell the property, how is the Capital Gains Tax calculated? The gain will be way below the threshold of gain of a primary residence.

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TaxTim TaxTim says:
20 August 2015 at 6:08

Your portion will not be subject to the primary residence exclusion and a third of the gain you make will be included in your income and subject to normal tax. You can exclude the first R30 000 of the gain however. His portion will be subject to half the primary residence exclusion as the property is jointly held.


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