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TJ says: 1 July 2015 at 22:39 Hi, I have a apartment that I rent out. The rental income is R5000 which is R350 less that the total expenses Levies R680 Rates & Taxes R270 Agent Commision R400 Home Loan Interest R4000 Can this loss be deducted from my annual salaried income, and how do I do this ? |
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TaxTim says: 1 July 2015 at 22:46 Yes it can be used to reduce your income from other sources by declaring your rental and the associated expenses as a business under the Local Business section. However you can't declare a loss for more than a 3 year period. SARS assumes that you wouldn't continue running a business for more than 3 years at a loss! Register for TaxTim and let us help complete and submit your return to SARS. |
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