Hoping some Tax expert can help me here.
I'm a salaried person and recently acquired a "second" property which i will let out. I'm in this long term as capital growth is my main focus.
I will have a monthly shortfall on the property (and i estimated for another 4 years or so).
My Question is:
Lets say my salary is R20 000p/m x 12 = R 240 000.00 p/annum
Rental Income less expenses (bond interest, rates & taxes, insurance) etc. I know what i can deduct against the income.
I will make a Loss of roughly R 35 000 in the first year alone, so what i'm battling with is can this "loss" reduce my own personal Tax liability from my
salary which i paid over throughout the year? I have already being registered for Provisional.
I just need to know if i can have this "loss" reduce my income tax?