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.
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.
File Your Return with Confidence
Do Your Tax Return Easily