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PK says: 4 July 2016 at 10:35 Are bond insurance premiums tax deductible? This is in relation to rental properties where banks or financial institutions require bond insurance to cover the bond. Is this amount tax deductible as an expense to generating the rental income? |
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TaxTim says: 4 July 2016 at 11:27 Are you referring to life insurance? |
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PK says: 4 July 2016 at 11:28 Yes its life insurance.Its meant to pay out the bond should you pass away. |
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TaxTim says: 4 July 2016 at 11:32 Unfortunately that will not be tax deductible as it is seen as part of the capital raising not the actual income earning portion. The lumpsum paid will also not be taxable in the event of death. |
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