I am joint owner (50%) of a property with my son. He is the primary resident, I am not. If we sell the property, how is the Capital Gains Tax calculated? The gain will be way below the threshold of gain of a primary residence.
Your portion will not be subject to the primary residence exclusion and a third of the gain you make will be included in your income and subject to normal tax. You can exclude the first R30 000 of the gain however. His portion will be subject to half the primary residence exclusion as the property is jointly held.
Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.