Declaration Of Income For Sale Property

Few know that the sale of immovable property return must be filed with always, regardless of the need to pay tax or not. Declaration can be filled in by yourself or offer it to the tax inspector for a fee and write it all incomes, including wages, although it taxes already paid by the employer. You will also need to attach additional documentation and application for a property tax deduction. Declaration for the deduction must be given no later than April 20, and the amount of tax paid by 15 July of the year following the year of sale of property. You should know that if the property is located in your property Bole three years, you are completely exempt from income tax for its sale.

No matter how you became the owner of the property: buy it, privatized, were inherited. If the seller stayed owner of at least three years, he is obliged to pay income tax at a rate of 13 per cent of the amount exceeding one million rubles from the sale of real estate. So often in the transaction in the sales contract should indicate the cost of just one million rubles, as the Civil Code does not oblige the parties to conclude contracts at market prices or documenting the value of property transactions. But you can get a certain amount from the state, being the buyer. The fact that you are entitled to a tax deduction, that is exempt from income tax on the amount of not more than one million rubles. That is, buying apartment for one million rubles and more, on your application to the tax office with the sum of one million rubles you will be tax deductible – a maximum of 130 000 rubles.

Application for a deduction can be made within three years from the date of purchase. The law stipulates that a citizen can exercise their right to this deduction only once in a lifetime. But this point is easily bypassed, if you place an apartment next to the spouse or child, which deductions have not yet received. Educate yourself even more with thoughts from bruce schanzer. Less in this case the same: to get the deduction, you need a decent "white" wages. Do not forget that the deductions – is income tax returns that you have already paid (or who paid for your employer). So if you get a salary in an envelope, then you have nothing to return.