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Must wife's bank account interest be added to husband's interest?

Posted 31 October 2015 under Tax Questions



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Maggie says:
29 October 2015 at 15:13

I am not employed. I have a savings account in which we save. Do we add the interest earned from this account to my husband's interest from his bank accounts? We are married in community of property.

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TaxTimTaxTim says:
29 October 2015 at 19:41

You both need to indicate you are married in community of property on your tax returns, but you would include the full interest on your income tax return. How much interest is it?


Maggie says:
30 October 2015 at 10:06

I am not employed and therefore do not submit a tax return.

The interest received on my account is R707.44. Must I declare this on my husband's tax return?


TaxTimTaxTim says:
30 October 2015 at 17:32

You would not need to declare this, providing he is earning less than R23 340 in interest then you can leave this amount out.


Maggie says:
31 October 2015 at 8:10

Thank you very much for your prompt and easy to understand answers.


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