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Sale of primary residence

Posted 11 November 2015 under Tax Q&A


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Deano says:
11 November 2015 at 10:24

My question relates to the sale of my primary residence in 2014 that I owned with my former spouse. We sold it upon divorce and shared the proceeds 50/50 after paying off the bond and other debt. The purchase price of the house was R1 875 000,00, transfer duty R67 000, transfer fees R17 000. What is the base price that I should put down in my tax form? Is it R1 875 000,00 (the amount that excludes transfer duty and transfer fees)? The house was sold for R2 400 000, 00. With refunds from bond etc. This amount went up to R2446 707. 54. After deductions for repayment of bond etc. My ex and I shared R806 124. 39. Is the proceeds from the house sale that I should fill in R2 400 000 (the amount which excludes all deductions such as bond repayment, estate agent fees etc?

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TaxTim TaxTim says:
11 November 2015 at 10:42

The base cost would include transfer duty and transfer fees.

The proceeds would be selling price less fees for making the sale (i.e. estate agency fees)

Take a look at our Capital Gains Tax Calculator


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