I am planning on selling my home and renting an apartment to live in, instead. Do you have any advice for me on how best to use the money from the sale of my home to increase my income without making any harsh decisions?
Alexi Coutsoudis, Wealth Adviser at PSG Wealth, Umhlanga Ridge responds: When selling your home and aiming to generate income from the proceeds, it’s vital to consider potential tax implications. If you expect capital gains tax liabilities, it's wise to set aside funds in a high-yield money market account for payment during your next tax filing. Notably, if the property was your primary residence at the time of sale, the initial R2 500 000 in capital growth is tax-exempt.
To make sound use of the
