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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 under Tax Q&A


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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.

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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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Small
Business
Tax Returns
Made Easy


TaxTim will help you:

 Do Your ITR14 Tax Return without a Tax Expert
 Claim for all the Deductions your Business Qualifies for
 Turn your Accounting Records into a Tax Return

TaxTim asks you simple questions about your business, then processes your answers and completes your ITR14 business tax return instantly.

Get started