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2nd property

Posted 8 November 2015

Carol says:
6 November 2015 at 16:02

I have a 2nd property. Thats not my primary residence. We want to sell it. For R500 000. Bought it for R80 000. Owi g R200 000. What portion will go to tax. Do we pay tax on the resale value or the profit value. Thanks

TaxTim TaxTim says:
8 November 2015 at 16:49

You would include 1/3 of the gain less R30 000 in your taxable income. Please make use of our Capital Gains Tax Calculator to work out the tax owing.

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