Citizens who spent money on the purchase of property or the payment of certain services, the Tax Code of the Russian Federation provided for compensation for part of the costs - 13% of the total. If there are no questions with the sale of the apartment, then income tax refund when buying a car causes a lot of problems. The car does not apply to real estate. Then how to return the funds?
Essence
Refund of income tax when buying a used car allows you to save on tax payments. If the car has been owned for more than 3 years, the owner is exempt from personal income tax. Since 2010, such transactions are not subject to mandatory tax returns.
If the car is less than 3 years old, the owner must pay a fee at a rate of 13%. This amount can be reduced by a maximum of 250 thousand rubles. This is the return on income tax when buying a car. In order not to pay the fee, car owners reduce the cost of the vehicle. When selling several objects in the course of one year, one deduction is applied to all property, and not to each object separately. If the property has been in possession for less than 36 months, an individual must submit a declaration by April 30 of the next year, and pay tax by June 15.
Even at the stage of buying a car, the owner should think about the question of whether he intends to sell it in the future. If so, then you must save all documents confirming the purchase amount (invoice, purchase agreement, seller’s receipt of money). If the vehicle is imported from abroad, then you need to certify all documents on the transaction with a notary, and also save the receipt of payment of the fee.
Alternative way
There is another way how you can get income tax refund when buying a car. Sometimes it makes sense to reduce the tax due to the cost of purchasing a car. The sale amount is reduced by the purchase amount. A fee is paid from the difference received.
Deduction
In addition to the case discussed above, a tax benefit is granted in such situations:
- housing construction;
- obtaining a mortgage loan;
- tuition payment;
- treatment;
- purchase of a VHI policy;
- registration of voluntary pension insurance.
Excessively withheld tax is paid by reducing the amount of personal income tax, which should be transferred to the budget for the current period.
Documents
To apply for income tax refund when buying a car, you must provide the UFNS:
- certificate of 2-personal income tax for the year;
- copy of passport;
- copy of the contract of sale;
- owner's documents;
- completed declaration of 3-personal income tax;
- documents confirming the transfer of funds.
Most of the problems for citizens is filling out a declaration. Incorrect bank details, presence of joint ownership (with a mortgage), lack of certificates confirming expenses are the most common reasons for refusing to pay.
Personal income tax with individuals
The amount of benefits is determined by the type of transaction: the purchase of an apartment, payment of treatment, income tax refund when buying a car. The changes since 2014 have touched the limit amounts from which the deduction is made. If we are talking about buying real estate, then no more than 260 thousand rubles are subject to return. In the case of a mortgage loan - up to 13% of the amount of the commission, tuition / treatment payment - 15.6 thousand rubles. per adult and 6.5 thousand rubles. for each child, charity - 25% withholding tax.
The timing
The return of personal income tax is a lengthy procedure. After submitting documents for tax deductions, a painstaking check is carried out for three months.If, based on its results, it was decided to return the excessively paid amounts, the funds are transferred to the specified account within a month. Thus, in the case of the correct preparation of documents, the duration of the procedure takes at least 4 months. Even if you have been refused, you should not be upset. The taxpayer has three years to collect and draw up securities.
Procedure
You can get a discount on the sale of a car that has been in use for less than 36 months. If the transaction amount is less than 250 thousand rubles, then in order to receive a deduction, a copy of the TCP and the purchase agreement must be attached to the declaration. If the income is higher than the indicated amount, the difference is taxable at a rate of 13%.
If the vehicle belonged to several persons at the same time, then the declaration is submitted for each owner separately, and the deduction is carried out either by agreement or in proportion to the share.
If the vehicle has been in operation for more than 3 years, another tax benefit is provided for by the taxpayer. He may not tax the income received and not file a return.
Refund of income tax when buying a car on NK credit is not provided. Payers can reduce income by the amount of interest paid on a loan for construction, the purchase of housing. Nothing is said about the deduction in case of acquiring a vehicle in the Tax Code.
