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Do we include inheritance and personal property as a sole prop when filing small business tax return

Posted 17 September 2014

I'm helping my mom do her tax for her small business. We have deducted all the necessary amounts under the expenses section. My mom owns a house that is standing empty and she has a small inheritance of about R100 000. she is a sole prop. do we have to declare this? they are not part of running the business. this is invested in a money market account. she does declare the interest earned to tax.

TaxTim TaxTim says:
23 September 2014 at 9:39

You do not need to declare the inheritance this year if it was in previous years, otherwise put the amount under "amounts not considered taxable"

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