2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
When buying real estate (dacha, garage, room, apartment) or land, repaying a mortgage loan, an individual who is an income tax payer has the right to use the property deduction and return part of the tax payments.
What deduction is called property deduction
To return part of the income tax when acquiring real estate, the Tax Code provides for a property deduction, which reduces the total amount of an individual's income. Property deduction can be equal to the value of real estate, but not exceed the amount of two million. Mortgage interest is subject to a deduction of three million. Any individual who pays income tax at the established rate of 13% has the right to such a refund.
How to use the deduction and return the tax
In order to receive a deduction, it must be documented at the regional tax authority at the place of residence. Confirmingdocuments can be a contract of sale, a mortgage loan, a certificate of ownership. In addition, you need to fill out and submit a personal income tax declaration3 and an application for a tax refund for property deductions. Regardless of which tax refund method the taxpayer will use, the package must be handed over to the tax office. After receiving the notification, an individual can use the deduction through their employer or fiscal authorities.
In life, situations often occur when property is acquired in joint ownership of the spouses. In such a situation, both family members can use the right to a property benefit, but for this they must distribute their equity participation.
How to fill out an application for the return of personal income tax, property deduction from the employer
To qualify for a deduction from the employer, you must request a special notice from the tax office. The procedure for obtaining such a document will be as follows. The taxpayer fills out an application for a tax refund for property deductions and submits it for consideration to the regulatory authority. After thirty days, the tax authority issues a notice that must be submitted to the accounting department of the enterprise. The provision of the deduction starts from the moment the notification is issued, in other words, the income tax will be reduced in the next wage. An application for a tax refund for a property deduction, a sample of which is located below, has a fairly simple form to fill out.
The document is addressed to the head of the taxinspection to which the individual applies. In the "header" of the application, you must fill in the personal data of the taxpayer, address and telephone number. In the main part of the document, the applicant asks to confirm his right to use property tax benefits and issue a notice to reduce the amount from a certain employer. An application for a tax refund for a property deduction is signed by the applicant, and copies of documents confirming the right to property and settlement documents are also attached to it.
Can I apply by mail
The legislation establishes a certain procedure for submitting documentation to the Federal Tax Service. To submit an application for a tax refund for a property deduction, it is not necessary to appear in person at the regulatory authority. The easiest way to send documents by mail as a valuable letter. Upon receipt of correspondence, the tax authorities will send a notification form with a mark on the acceptance of the documentation. This method saves a lot of time. After considering the application, the IFTS will inform you when you need to come and pick up the notice for deduction.
Individuals quite often use the property deduction to reduce the income tax rate. The total refund amount can be 260,000 rubles, and this is not extra money at all. In recent years, such a deduction has become more affordable due to the simplification of the return procedure.
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