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Frequently asked questions

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Do you have to pay tax on inherited property?

In general, when an individual passes away and bequeaths their entire estate to their Surviving Spouse, no Capital Gains Tax is payable.

Do you have to open an estate account when someone dies

Yes, if the deceased has any assets (at least R 1000) which need to be administered then as per the Administration of Estates Act 66 of 1965, an Estate Late bank account will need to be opened.

Do I have to pay taxes on the sale of my deceased parents home

Yes. Taxes will be payable either as part of the Estate if you sell it before the Estate is finalised, or as Capital Gains Tax on your individual profile if you sell it after you have inherited it.

Can a house / property stay in a deceased person’s name ?

No, where the registered owner of immoveable property has died, their property/house will need to be transferred to another person – usually a family member. Assets in the name of the deceased will have to be transferred to the heirs of the Estate to be able to close off an estate and obtain the filing slip from the Master of the High Court, according to the deceased Administration Act.