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Multiple Parties Making Rental Income off a Single Property they Each Hold equal ownership of.

Posted 6 April 2015 under Tax Q&A


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Byron says:
31 March 2015 at 15:23

Good day, myself and two other parties have purchased a house with the intention to earn a rental on the property. My question is: do we split the incomes/expenditures three ways and all declare the third of the overall resulting calculation? It is also important to note that I am a single person and the other two are married in community. Would that mean that I would have to declare a third and then each of them declare two thirds as SARS automatically sees them as a 50:50 and calculates on half the value in any event?

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TaxTim TaxTim says:
1 April 2015 at 10:08

You would declare a third yes, they would need to declare that they are married in community of property and state who their spouse is and SARS would determine the split.


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235 DAYS
LEFT OF
TAX SEASON
2017


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