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Jonathan says: 1 March 2022 at 15:49 If I own 50% of a property do I only put my portion of the rental income and expenses in? |
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TaxTim says: 2 March 2022 at 16:10 If you earn rental income in a partnership, there are two ways this can be reported in your tax return: -just put your 50% share of the rental income and expenses, but don't indicate you are in a partnership or, - put in 100% of the income and expenses and indicate in the later question that you in a partnership, fixed percentage and then enter 50% and SARS will split the rental income and expenses on assessment. You will also need to enter the details of the partnership in the section which will open on your tax return. The end result (i.e resultant tax calculation) of either method will be exactly the same. If you do only record your 50% portion, remember to ensure that your rental partner also records their 50% portion in their tax return. |
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