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What tax will I have to pay on my mother's house that I sold last year?

Posted 5 March 2013 under Tax Q&A

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The house belonged to myself, a brother and sister for years.

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TaxTim TaxTim says:
5 March 2013 at 11:28

You would pay tax on the difference between the selling price and the cost of the house/valuation as at 1 October 2001. Did you get this valued at that date? If the profit earned was less than R2m then no tax would need to be paid, otherwise each of you will be taxed at 13.3%, provided you all lived in the house as your home.

If you just owned the house and did not live in it from the time you owned it to selling it then the full gain made on the value of the house will be taxed at 13.3% each.


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