My bond was registered for my investment property end April 2014. Please advise if I can claim under expenses incurred all of the bond and transfer fees amounting to R31,336. I called SARS contact centre and the lady advised that I am allowed to do so but from her tone of voice was not 100% certain. I have a reference number for the call whereby she agrees that I can claim as an expense. Please can you advise me as to what I should do?
Unfortunately you are not allowed to claim this expenditure, but rather these costs would be added to your based cost when you sell the property which reduces your capital gains tax.
Irisays: 30 June 2015 at 11:23
Please advise if I can claim life insurance premiums as I was forced to take it out at time of registering the bond for security?
TaxTimsays: 30 June 2015 at 15:11
Life insurance is never tax deductible unfortunately as this is technically in your personal name. Taxpayers have, however, tried to do this before and in some cases SARS accepts it. You will be able to claim the insurance of the property however when you do rent it out as this is a normal business expense.
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