Local rental income tax question

[Kamikaze]

Good evening peeps

I have an apartment in a retirement village registered on my name and I am paying the monthly levies. Here is my question: Although I receive no income from this apartment, can I legally still claim from SARS for the levies? I.e Can I create a "Local Rental Income" section on my ITR12 tax form and only fill in the "Levies Paid" section under "Expenditures"?

I understand that this section is called "Local RENTAL INCOME" but I'm just trying my luck. 😁

Thanks in advance.

 

[jaxx]

Unfortunately not. SARS will only allow you to offset the levies against the income received from the property. If it is not generating income (i e. not rented out) they wont allow you to claim the levies as a loss.



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[Redk3]

Now if that property happens to be owned by a rental company that you just so happen to own, its a different story

 

[Kav33r]

@Kamikaze , so I removed the previous two posts because I didn't read properly before replying.

My first part still stands. Yes you are allowed to deduct the levies. This will be allowed to be deducted against any rental income received. With no rental income received, you will essentially have a tax credit - but (now here I am assuming you have a job other than receiving income from the renting out of properties), you will NOT be allowed to offset this credit against your normal income tax.

 

[Kamikaze]

Thank you everyone for your input.

Lets say, hypothetically, this flat was rented out but that income was paid to someone else's bank account. I take this means nothing for my case to submit the levies?