Owned real estate is subject to taxation. If we are talking about a purchase, the buyer will have to pay property tax, and if it is sold, the proceeds are considered income, and the seller must pay personal income tax. But both the buyer and the seller are entitled to tax breaks.
Apartment sale tax
Selling an apartment for a citizen who owns it as an owner can bring not only profit, but also quite significant expenses associated with the need to pay personal income tax. Payments for the sale of real estate are regulated by article 220 of the Tax Code of the Russian Federation. In the event that the apartment has been in your ownership for less than three years, the amount from its sale will be attributed to your income, with a tax rate of 13%. For non-residents, the tax amount will be 30%.
True, not the entire amount is taxed, but only the difference between the cost of the apartment specified in the purchase and sale agreement and 1 million rubles. In the event that you sold an apartment for 1 million rubles or less, you will not have to pay income tax. You will not have to pay personal income tax even if the apartment has been in your ownership for more than 3 years, regardless of how much you sold it for.
You should take into account that in the event that you have owned an apartment for less than 3 years, net income is taxed. It turns out that if you were given an apartment or you inherited it, you got it, in fact, for nothing. In this case, its selling price will be your net income. When you have purchased this apartment and you have the relevant documents confirming the purchase price, you can deduct it from the amount that you received from the resale of the apartment. This difference will be the net income from which, after deducting 1 million rubles, you must pay 13% to the state treasury.
Tax when buying an apartment
On January 1, 2014, Federal Law No. 212-FZ of July 23, 2013 came into force, which changed the procedure for obtaining a tax deduction when purchasing apartments. You have the right to receive a personal income tax deduction from the purchase amount of 2 million rubles - this will amount to 260 thousand rubles. But now you can return income tax from the purchase amount of 2 million rubles for several housing properties. So, if you bought two apartments after January 1, 2014 - the first for 1.5 million rubles, the second for 2 million rubles, for the first you have the right to receive a tax deduction of 195 thousand rubles, and for the second - only for the remaining 500 thousand you will receive 65 thousand rubles to be returned.
But now you, as the owner of the home, will have to pay the annual property tax, which is calculated according to the inventory estimate of the BTI as of January 1 of each year. Tax rates are progressive. If the apartment is appraised by the BTI up to 300 thousand rubles, it will be necessary to pay up to 0.1%, the cost of the appraisal from 300 to 500 thousand rubles increases the property tax rate from 0.1 to 0.3%, and in the case when the appraisal the cost was more than 500 thousand rubles, the tax rate will be from 0.3 to 2.0%.