Taxation Of Real Estate Transactions

2023-08-03 - 08:11 | News | Tags: |

One of the issues most frequently encountered in the design of real estate transactions, is the question of taxation. Indeed, with the introduction of 1 January 2000 control of major expenditure of citizens has raised some fears in total control by the tax authorities income citizens. But is there any fear of meeting with the tax authorities? Under current law, all funds received during the citizen year from any source, is its total revenue (excluding payments wearing social nature) and, accordingly, are taxable. Everyone knows that a January 1, 2001 came into effect the second part of the Tax Code, but not all, represent what changes will present this document, in particular, property owners. Immediately it should be noted that no new taxes in the Tax Code does not appear to have changed only rates acting. Since income tax is set at 13%. Allowance for sellers and buyers of real estate (the residue from the tax base) remains.

If a person sells an apartment, worth up to 1milliona rubles, no he does not pay tax (before it amounted to 417 thousand 450 rubles). And if the apartment was owned by more than 5 years, the tax will be charged regardless of the amount specified in the contract of sale. But if the apartment belongs to several owners, the law allows you to distribute between the amount of tax deduction, ie, If the apartment is selling two or three owners, then 1 million, respectively, divided into two or three. For buyers and Developers are still valid exemption on exemption from income tax.