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Docs required for proof of profit on sale of house

Posted 3 July 2015 under Tax Questions

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Matty says:
3 July 2015 at 7:35

Hi Tim. I sold my primary residence and realised a profit of just over R1m on it. I know that the allowable deduction is R2m. Given my past experiences though, on the assumption that SARS wants to audit this transaction, what supplementary proof do I need (I have copies of confirmation of payment slips from my account). Would I need to show bank statements as well?

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TaxTimTaxTim says:
3 July 2015 at 8:06

They would most likely audit you so you need to have the sale agreement and the original deed/conveyancing agreement when your purchased the property. If you had made any improvements to the property then you would need proof of these as well such as invoices and proof of payments.


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