The tax legislation of the Russian Federation provides for benefits to individuals for the payment of personal income tax in the form of a property deduction.
The right to a deduction arises if the taxpayer has acquired or built housing, as well as in the case of the sale of property that has been owned for three or more years. When determining the tax base (the amount of income from which the tax is calculated), the taxpayer has the right to receive a property deduction from the employer or from the tax office.
Instructions
Step 1
To receive a deduction from the IFTS, you must:
- write an application to the tax office for a deduction;
- attach documents confirming the ownership of the dwelling, the payment for the property, the contract and the act of transfer. Expenses must be made for the construction or purchase of a residential building in the Russian Federation. Expenses cannot exceed two million rubles;
- submit a declaration, while if the income in a calendar year is more than the cost of the apartment, the citizen is obliged to submit a declaration in which he will adjust the tax amount. The difference will be returned from the budget;
- if the income is less than the cost of housing, the amount of tax will be refunded until the income reaches the cost of the apartment;
- open a bank account to which the money will be transferred, because cash cannot be obtained.
Step 2
To receive a deduction from an employer:
- write a statement to the tax office with a request to provide a deduction;
- attach documents confirming construction costs or
purchase of housing, the period of ownership of property (contracts, payment documents, act
transfers, certificates of ownership);
- receive a notification from the tax office about the right to tax deduction.
The tax authority considers the appeal within a month and issues a notification. Income received from the sale of an apartment, other residential premises that have been in the ownership of a person for more than 3 years, the amount of income does not exceed one million rubles. Income from the sale of other property in the amount of not more than 250,000.00 rubles:
- Show the employer a notice and apply for a deduction.
