2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Buying any real estate, including apartments, involves high costs. The owner can return 13% of the cost of housing. This right is subject to applicable tax laws. Every citizen can take advantage of this opportunity.
Under what circumstances is it possible to return 13 percent of the purchase of an apartment?
Return of the tax deduction from the purchase of an apartment can be received by any citizen of our country once. This right is enshrined in Article 220 of the Tax Code of the Russian Federation. But there are a few conditions to keep in mind.
The maximum possible amount from which you can return 13 percent of the purchase of an apartment is 2,000,000 rubles. That is, you can only get back a maximum of 260 thousand. This can be done within a three-year period from the date of purchase of the apartment.
During the period of application to the territorial tax authority, the owner must have official employment. It is important that all necessary deductions are made from his salary. The amount of the tax deduction directly depends on the sizeofficial income.
The unemployed or unofficially employed is not eligible for a 13% refund. Pensioners and those on maternity leave are deprived of this right. But if the owner officially finds a job within a three-year period from the date of the transaction, a refund of 13 percent of the purchase of an apartment is possible.
The contract for the sale of the property must be registered through Rosreestr. Must have proof of ownership from the Registrar of Companies.
Required documents
To make a refund of 13 percent of the purchase of an apartment, you need to provide the tax office with:
- owner's passport;
- an apartment purchase agreement;
- certificate of ownership;
- papers evidencing payment (checks, statements, receipts);
- certificate in the form of 2NDFL from the employer;
- filled declaration form 3NDFL;
- application for income tax refund;
- bank account number for accrual of funds.
In addition to the originals of these documents, copies may also be required. The nuances of filling out the declaration can be clarified at the tax service.
When to file a tax return?
The application must be submitted within a certain time frame. As a rule, the declaration is submitted before April 1 of the year following the purchase. However, the legislation allows this to be done within a three-year period.
Howrefund tax when buying an apartment on a home loan?
If real estate is acquired through mortgage lending, income tax can also be returned. In this case, the procedure is the same as when buying without credit. But the package of documents is different.
In the branch of the Federal Tax Service, you need to provide an agreement with the bank on the provision of a housing loan. It contains the contact details of the buyer, credit conditions. You also need to take a certificate of interest paid and documents confirming payment from the bank. The 3NDFL indicates that the owner is willing to return 13% of the money paid on the housing loan.
Refund of tax when selling an apartment
In order to buy new real estate, often people are faced with the fact that they need to sell their old home. There are also some nuances here.
If the apartment has been owned for more than 3 years, no income tax will be charged on the sale.
If the property is owned for less than 3 years, then the seller loses 13%. But big losses can be avoided in three ways:
- sell the apartment for the same price for which it was bought;
- pay 13% of the total cost, while 1,000,000 will not be subject to this tax;
- sell housing and buy a new one, that is, take advantage of netting.
In real estate practice, there are often cases when the real value of a property is greatly underestimated so that the former owners are exempted from payingproperty tax. Such actions are illegal, but from a legal point of view, everything is drawn up correctly.
What else is important to know?
As a rule, when collecting all the necessary documents from the tax office, there is no reason to refuse to return 13 percent of the purchase of an apartment. Refusal is possible if the property was purchased with the money of the enterprise or from the state or local budget. Also, if an apartment is purchased between relatives, a refund of 13 percent is not possible.
Each citizen can receive a deduction only once in a lifetime. At the same time, it is very important to consider who the real estate is issued to. So, if the owner is one family member, then the deduction is returned only to him. If there are several, then the deduction will be made in proportion to the shares of the property. At the same time, all owners lose the right to file a tax return again.
Recently, a law came into force, according to which a return is possible from 2,000,000 even if several properties were bought.
When buying a home, you should register it with the territorial office of the Federal Tax Service as soon as possible. How can I get back 13 percent of the purchase of an apartment? To do this is quite simple. To do this, you need to submit the required documents to the department of the Federal Tax Service. It is worth remembering that the return of the tax deduction is made in proportion to the income tax transferred from the salary of the owner. The repayment procedure may take several years until the entire amount due is repaid. The maximum amount for whicha citizen can apply for a refund of income tax, is 260,000 rubles.
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