Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.
Capital Gains Tax
Posted 20 August 2012 under
Tax Q&A
Let TaxTim
help you
submit your
Tax returns!
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!
Get started
Blog Categories
Ask TaxTim
Got a question you want answered about tax?
Visit our helpdesk →
I received an inheritance. I sold the property. There is no base cost, since I did not pay for the property and there is no improvement made. How do I proceed with the question.
This entry was posted in Tax Q&A
and tagged Salary / IRP5, Capital Gains, Rental Income.
Bookmark the permalink.
|
TaxTim says:
16 August 2012 at 18:39
When you inherited the property it would have had a market value. The would be your base cost for the property when calculating the Capital Gains Tax. Did you inherit the property from a spouse? In order to get the value of the property on the date you inherited it you should speak to the executor of the estate which will have a value.
The estate would have paid Capital Gains Tax on this property so a value would have been set.
I hope this helps?
|
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.
Let TaxTim
help you
submit your
Tax returns!
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!
Get started
