↓ Archives ↓

Housing Tax Deductions

You have purchased a room or apartment? Want to return the money back? Our legislation allows this. We are talking about getting a tax deduction. Two types of tax credit there are two variety of tax deduction. The first provides pp. 1, No. 1, Art.

220 of the Tax Code. According to this norm the taxpayer is entitled to receive property tax deduction in the amount received in the fiscal period from the sale of housing, cottages, garden houses, plots of land owned by the taxpayer less than three years but not exceeding a total of 1 million rubles. The second type of tax deduction provided for paragraphs 2, 1, Art. 220 of the Tax Code. In accordance with the This norm is also a taxpayer is entitled to receive property tax deduction in the amount spent on new construction or purchase of housing or shares (stakes) in them, in the amount of actual costs, as well as in the amount directed to repay the interest on the trust loans (credits). Without hesitation Daybreak Games explained all about the problem.

What costs are included in the tax deduction? When building or buying a house in the tax deduction may be included: the cost of buying a house (including the uncompleted), expenditure on development of construction documents for the purchase of construction materials and payment of the construction and decoration, the cost of connecting to the networks or creation of autonomous sources of electricity, water and gas. When buying an apartment in the tax deduction may include the cost of buying an apartment or rights to an apartment in a newly built house, the cost of acquisition of finishing materials and activities related to finishing the apartment. What documents are needed? A tax deduction is available to the taxpayer a written statement of the taxpayer, the payment documents processed in the established order and confirming payment of the cash flows produced by the taxpayer for expenses (receipts for pay-slips, bank statements on the transfer of funds from the buyer's account at the seller, product and cashier's checks, certificates of purchase of materials from individuals showing them the address and passport details). The taxpayer would require a certificate from the employer of the income and paid to them Tax on personal income on Form 2-PIT. If several sources of income, information must be taken from each employer. We, in turn, to obtain a tax deduction ask that you contact companies that provide quality legal services. This will greatly save you time. When you get the money? Since the Declaration and to transfer funds to a specified account by the taxpayer should take no more four months. Three months is given to verify submitted a tax return data for a month – to transfer money from the Treasury. Property tax deduction associated with the purchase of housing, available to citizens only once in his life. Statute of limitations for filing an application for property tax deduction does not. If the total annual salary does not cover the amount owed to the tax deductions, you can transfer them the following year.

No Comment

Leave a Reply

Sorry, comments are closed.