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Kenn says: 20 July 2015 at 11:43 Why does SA Homeloans send me a tax certificate if I cannot claim the interest on my mortgage? Can I claim on the life premiums linked linked to my loan? |
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TaxTim says: 20 July 2015 at 17:47 You cannot claim the interest on a home loan as it is a personal expense and not incurred in the production of income. Similarly, your life premiums are also of a personal nature and therefore unfortunately cannot be claimed either. However, if the property is rented out and generates an income (thus you are now completing the Local Business section of your tax return), the interest could be deducted against this income and hence the tax certificate would be required. |
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