Capital gains on rental property

Capital gains on rental property

Didn't find your answer?

I am preparing the SA tax returns for a married couple.

They have sold a rental property in the year which they have declared rental income from on a 50/50 basis since purchase in 2001. Now that we are computing the capital gain, it has come to light that it was purchased in one of their sole names rather than joint.

Where do we now stand with regards to disclosing the gain. Do we put it all in one name and perhaps write to the revenue to disclose the incorrect treatment of the rental (although both higher rate taxpayers so there would be no tax difference). Or do we disclose the gain 50/50 on the basis that they have both had beneficial ownership of the property over the duration?

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.