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PP says: 13 June 2024 at 14:13 I bought a house December 2023, which are rented out as a vacation home. This is my first house that I bought and do not know what I need to submit/declare in my Personal Tax Return for 2024. Can you please assist? |
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TaxTim says: 13 June 2024 at 14:59 You should declare the rental income and allowable deductions in your tax return. I suggest creating a spreadsheet detailing your monthly rental income and expenses (from December 2023 to 28 February 2024). Below is a list of all the rental expenses you can claim (if any are applicable): -Electricity -Rates & taxes -Water -Levies -AirBnB agent and rental agent fees -Accountant's fee -Other costs: -Bond interest (SARS allows only the interest to be deducted against the rental income, not the larger bond/mortgage/capital repayment) -Advertising costs -Insurance (this is for the property itself, not household contents) -Gardening services -Security and property levies - Wear and Tear Calculator on furniture -Repairs and Maintenance Please read our blog for more information here Rental Income Tax Guide If your rental income yields a profit, you need to register as a provisional taxpayer. Please refer to our Provisional Tax Guide for further details. |
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