How to reduce the amount of tax on the sale of real estate
When selling real estate, you must pay personal income tax (personal income tax) at the rate of 13%. Under certain conditions, the tax base can be reduced by the amount spent on treatment and training.
Time and financial limits
Only those who pay personal income tax have the right to apply for a tax deduction. For example, the unemployed, pensioners, and minor children will not be able to use the benefit.
You do not need to pay personal income tax if you have owned the property for more than 5 years at the time of sale. This period is reduced to 3 years if this is the only housing, or the property right arose as a result of donation, inheritance, rent agreement or privatization.
When calculating tax deductions, data for the last 3 tax periods are taken into account. In the current 2021, the Federal Tax Service will take into account expenses dated 2020, 2019 and 2018.
The calculations take into account the amounts for all possible tax deductions, taking into account the established limits. The total tax base cannot be reduced by more than:
1 million rubles, if we are talking about residential real estate, land plots; 250 thousand rubles for the sale of non-residential premises.
Making a deduction
Treatment and training are related to social tax deductions. In this case, in total (in both directions), it is allowed to reduce the tax base within 120 thousand rubles, which will save up to 15,600 rubles (this is 13% of the specified amount).
Educational services
Under the cost of training understand the payment of services: Universities and colleges; Kindergartens; Driving schools; Children's art schools; Circles.
The legal form of the institution does not matter. These can be municipal institutions, private firms, and sole proprietors. It is important that they have documents authorizing them to provide educational services.
The preference also applies to expenses for children, brothers or sisters, provided that they have not reached the age of 24 years, and the training takes place in full-time format.
These amounts are accounted for separately, and their limit is limited to 50 thousand rubles.
Medical expenses
The deduction can include the expenses of the family (the taxpayer himself, his spouse, children and parents) for medical services, including payment: medications prescribed by a doctor; diagnostic and rehabilitation procedures; Rehabilitation facilities; Prosthetics; voluntary health insurance policy.
The list of documents for the Federal Tax Service varies depending on the type of expenses incurred. If the treatment is expensive, then these expenses are taken into account in full: they are considered separately from the specified limit of 120 thousand rubles.
Added: 01.06.2021
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