How to draw up and where to submit an application for a property tax deduction

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The state benefit in the form of a reduction in the tax deduction is provided to the taxpayer during the purchase of his own property. This opportunity helps the taxpayer to partially reduce the costs incurred.

Who can use the property benefit

The category of property subject to the exemption includes all real estate and vehicles owned by an individual. The property deduction is assigned only to those people who receive income subject to 13% tax. Cash receipts in the form of interest, insurance payments and prize funds are not eligible for the benefit base.

Assignment of income tax relief related to the purchase of property

After the purchased property is finallyregistered in the property, an individual can use the right to receive benefits. He can do this in two ways:

1. Apply to the tax office for permission to benefit. The received notification is presented to the accounting department of the enterprise.
2. Submit a declaration of income at the end of the year, which will reflect the amount of purchased housing and personal income tax. As a result, the return of the approved deduction will be carried out by the tax office.

Application for the provision of a property tax deduction, what is it and where to take it

Any tax benefit must be documented. For each case, the regulatory authorities develop specialized forms in which the necessary information is entered. To receive a property benefit, you must complete an application for a property tax deduction.

This form can be completed by hand or printed. The form is arbitrary and contains a mandatory official part, in which you will need to indicate the name of the enterprise where the benefit will be provided and the full amount of costs.

How to fill out the application form correctly, and what documents will be required to confirm the benefits

At first glance, the form of the document looks quite simple, so there should be no unsolvable questions when filling it out. Application for a property tax creditcontains an official "header", which indicates the personal data of the applicant. You will need a passport to complete them. Further, in almost any form, the taxpayer asks to document his right to receive benefits in connection with the purchase of real estate. In conclusion, you need to list the documents that will be attached to the application. Usually a copy of the certificate of ownership, settlement documents, checks and the contract of sale is sufficient.

An application for a property tax deduction is considered by the tax authorities within 30 days. As a result, if the answer is positive, the applicant receives a notification that gives the right to receive such benefits from the employer. Based on the notification, the employer begins to apply the benefit from the moment the right is confirmed.

Which employer can get a tax break

Notice of the right to purchase a tax deduction is issued to a specific employer. If an employee works part-time in another place, then he will not be able to receive the deduction again in one period.

In order to return the tax transferred to another employer, at the end of the year, the employee must fill out a declaration and send it to the tax authority. Together with the declaration, it is necessary to submit 2-NDFL certificates for all income received.

Verification and consideration of the 3-personal income tax declaration takes place within three months. It will also take at least 60 days for a refund. You can also file a declaration next year, but no later than the expiration of the limitation period, which is set at three years.

Such a form as an application for a property tax deduction is very popular in Russia, since the benefit received when considering this application has a significant monetary value. Reducing tax charges sometimes helps to solve many financial issues that arise after the purchase of property.