Few modern citizens have an idea of what tax refunds are when buying an apartment.
That is, in fact, people buy their own housing and do not know how to save on this. Of course, this should not be. And, in particular, a tax refund when buying an apartment for pensioners will be especially pleasant.
What is a cash deduction for an apartment?
You can return your own funds that were paid to the state through taxes, or you can not transfer a certain amount of money. But how to use your legal right? For this, first of all, it is necessary to make a monetary rediscount, that is, significantly reduce taxable income. What it is?
Tax accounting refers to the amount of money that proportionally reduces the amount of income taxed by the fee. Often, the profit you can get is only eighty-seven percent of what you really earned. Precisely because thirteen rubles out of every hundred, the employer pays for the employee as a tax on personal income.
And it is precisely these financial resources in certain cases that can be returned back. One of such circumstances giving the right to such a monetary rediscount is the acquisition of residential real estate (in particular, apartments). Moreover, this is not difficult. It is worth noting that tax refund when buying an apartment significantly saves money. So why not use it? The main thing is to understand that the specified tax refund after buying an apartment is possible and real.
How to calculate such a deduction?
You can also calculate this amount yourself. What is it equal to? The amount of rediscounting significantly reduces the tax base. What it is? That amount of cash with which tax was withheld. In this case, it is possible to receive from the state bodies in the form of returned payments not the amount of the transfer, but thirteen percent of all the accrued funds, that is, what was paid in the form of tax.
In this case, of course, you can’t get more than it was originally given. In particular, what is thirteen percent of a hundred? Right. This is thirteen rubles. Arithmetic is simple. You can get thirteen rubles if you paid 100 rubles of tax per year. If less money was deducted, then in reality you can only return what you paid. You can transfer the rest to next year.
Since property financial recounts when purchasing real estate, unlike, for example, from some other procedures, can be carried forward to future years. In addition, when recalculating, you should also remember the deduction limit. It is strictly established by legislative acts.
If the indicated amount of money is, for example, two million rubles, then your rediscount can never be more, respectively, the tax to be refunded can in no case exceed thirteen percent of the limit, which equals 260 thousand. Everything is simple. In such circumstances, you can only return money paid at a rate of thirteen percent. It is only important to know that if the purchase of an apartment took place, income tax refund available!
Maximum deduction
This is also the concept that is used when returning a tax paid. Max size property deduction from the acquisition of residential real estate is two million rubles, not counting the interest paid on the target loan. The indicated amount is established from two thousand and eight.
Moreover, if a tax is refunded when buying an apartment, money is saved for subsequent years, up to the current one. It should be noted that before that the maximum deduction was equal to one million rubles. It is noteworthy that the amount of tax to be returned in this case will be the same thirteen percent of the deduction.
We consider in two ways
How can you save? There are only two ways to get a deduction for today, namely at the end of the year for which the said recalculation is made, directly from the tax office. It is also possible during the year for which the deduction is accrued, to underpay personal income tax and to withdraw financial resources from the employer (or some other agent).
It is noteworthy that in order to receive such a benefit in a certain inspection, it is necessary at the end of the period of time (year) for which you want to return the money, submit a 3-personal income tax return, a signed deduction, and some other documents to the tax authority. As you can see, it's easy!
In the future, after the tax office is able to verify the submitted documentation, you will receive a refund directly to your own bank account. Actual amounts paid will be returned to you. Separately, it is worth noting that a tax refund is also possible when buying an apartment from relatives.
What to do?
It should be noted that in order to receive a deduction from your employer, first of all, you must provide him with a statement, as well as a notice that can be taken from the tax office. But do not rush! Please note that in order to take this documentation to the tax office, it will be necessary to submit an application to the body for a notice and information confirming the right to a specified deduction. After receiving a document from a government agency, the employer must pay a salary. Nor should you withhold tax until the end of the current calendar year.
Unfortunately, the employer will pay all income without deductions only after the corresponding notification has been submitted to him. That is, in particular, if you can bring the document only in December, only this month. And no other way. But through the appropriate tax inspection (strictly at the end of the year) it will be completely possible to return all of your money paid in taxes for the entire calendar year, and not just for certain months.
What does common property promise?
Not always everything turns out smoothly. At shared ownership the corresponding monetary property deduction is distributed, as a rule, in proportion to the shares of the co-owners. It is also considered a tax refund when buying an apartment (documents for the acquisition should be with you). This principle applies, for example, if the parts are owned by spouses. In addition, one of the participants in shared ownership does not have the right to transfer its own part of the deduction to another.
What's next?
There are still nuances. It is noteworthy that with common joint ownership, the corresponding deduction is also distributed, however, only the desire of the co-owners is taken into account here. Is it possible. In particular, they will definitely need to write a written statement on the distribution of the corresponding deduction, as well as provide this paper to a specific tax office in the future. Other documentation will need to be added. Among other things, it is quite possible to distribute the deduction in favor of a single co-owner. As you can see, a tax refund when buying an apartment by spouses is also possible. And this is a fairly simple procedure.
Return process
You should never be afraid to demand something from the state. They definitely won’t be executed for this. You must use your rights correctly.Do not be afraid of the tax refund process itself. Everything is simple here! For tax inspectorates, this is the most ordinary, standard procedure. You have every right to it as a citizen of the state.
For example, last year, according to official data from the tax authorities, more than two million of our compatriots returned their funds paid to the country's budget when purchasing or building housing. In inspections, as a rule, separate windows are allocated to serve those receiving a cash deduction. Many consultants who undertake to draw up your tax credit deliberately exaggerate the difficulties of this process in order to increase the cost of their own services.
How can I get a cash deduction? For what period of time?
You can well return your money on property deduction if you have payment documents that confirm the expenses incurred to purchase an apartment, plot or house. It’s simple, just save the relevant checks.
In addition, documentation is required that confirms ownership of the property. What exactly? This includes a certificate of registration of ownership, or when acquiring certain rights to an apartment (any room) in a house under construction, an act on the transfer of the indicated housing is needed.
For example...
For example, if you bought an apartment in the past and did not apply for the deduction immediately, then it is quite possible to do it right now (at the same time, there are no special restrictions on the terms for receiving the law). As you see, the state itself is meeting its citizens. The only thing is that it is possible to return the indicated income tax not earlier than in the last three years. This is a kind of limitation period. In particular, if you purchased property in the two thousand and eleventh year, now it will be possible to regain tax for the previous period.
What are the nuances?
It should be noted that the entire deduction balance is usually carried forward to the next year. In this case, you may well return your money within a few years. And all this will last until you actually exhaust the entire amount.
Many people are interested in questions: “What is a tax refund when buying an apartment? What are the payment deadlines? ”
It is noteworthy that the entire above procedure for obtaining own cash back usually takes from three to five months. In this case, most of the time is devoted to checking your documentation by the tax office. As you can see, relatively fast.
List of documents for deduction
Be sure to pre-take care of what you need to carry in the tax. In order to draw up a property deduction for the purchase of an apartment, plot or house through an appropriate inspection, you will need the following documents. Firstly, a declaration compiled in the form of 3-personal income tax is required. It is worth noting that the original is submitted to the IFTS.
A passport or another document that can replace it is also required. The Inspectorate of the Federal Tax Service serves usually certified photocopies of the first pages, that is, basic information, as well as a registration sheet.
What other information is needed?
Among other things, the tax inspectorate will definitely need an income statement drawn up in accordance with Form 2-NDFL. The specified documentation can be obtained from the relevant employer. It is worth saying that, as a rule, the original certificate of 2-NDFL is submitted to the IFTS.
At the same time, if you worked in several places during the year, bring information from all your employers. As you can see, if you are making a tax refund when buying an apartment, documents must still be collected. It is very important. Moreover, the tax refund when buying an apartment for the unemployed has its own nuances. It is better in this case to get into some kind of organization.
It is imperative to attach a tax refund application, which will indicate the details of the account to which the relevant inspection will subsequently transfer financial resources to you. Note that the IFTS serves exclusively the original of this document. If you are making a tax refund when buying an apartment, you just need a statement of this kind. You can’t do without it.
Attach to the package of documents also a contract of sale or an agreement on equity participation. A copy certified in a notary's office can be submitted to the inspection.
What do you need to remember?
Do not forget about documents that would confirm the fact of payment of real estate (as a rule, these are payment orders, relevant receipts or receipts). The inspection shall submit certified copies of these papers.
Also do not forget about certificate of state registration appropriate ownership.
If you mean a tax refund when buying an apartment on a mortgage, you also need a contract with the bank, namely a certified copy.
