When buying real estate (dacha, garage,room, apartment) or land, mortgage repayment, an individual who is a payer of income tax has the right to use a property deduction and to return part of the tax payments.
To return a part of the income tax whenacquisition of real estate The Tax Code provides for property deduction, which reduces the total amount of income of an individual. Property deduction can be equal to the value of real estate, but not exceed the amount of two million. For a mortgage loan, a deduction of 3 million is applied to interest. Any natural person who pays income tax at the established rate of 13% has the right to such a refund.
In order to receive a deduction, it is necessarydocumented in the regional tax authority at the place of residence. Confirming documents can be a contract of sale, a mortgage, a certificate of ownership. In addition, it is necessary to complete and return a personal income tax return3 and an application for tax refunds with property deduction. Despite the way the taxpayer uses the tax refund, it is necessary to take the package to the tax one. After receiving the notification, individuals can take advantage of a deduction through their employer or fiscal authorities.
In life there are often situations where propertyis acquired in the joint ownership of the spouses. In this situation, both family members can exercise the right to property benefit, but for this they must distribute their share participation.
To get the right to deduct from the employer,you need to request a special tax notice. The procedure for obtaining such a document will be as follows. The taxpayer completes the application for tax refunds with property deduction and submits it to the supervisory authority for review. After thirty days, the tax authority issues a notice that must be submitted to the enterprise's accounting department. The deduction starts from the moment the notice is issued, in other words, the income tax will be reduced in the nearest salary. The application for a tax refund with property deduction, the sample of which is placed below, has a fairly simple form of filling.
The document is addressed to the head of the taxation department.inspection, which refers to an individual. In the "header" of the application it is necessary to fill out the personal data of the taxpayer, address and telephone number. In the main part of the document, the applicant asks to confirm his right to use the property tax exemption and issue a notice to reduce the amount of a certain employer. An application for tax refunds with a property deduction is signed by the applicant, and copies of documents confirming the right to property and settlement documents are also attached to it.
Legislation establishes a certain orderfiling of documentation with the Tax Inspection. To apply for a tax refund with property deduction, it is not necessary to appear in the supervisory authority personally. The easiest way to send documents by mail is by a valuable letter. When receiving correspondence, tax authorities will send a notification form with a note on acceptance of the documentation. This method saves considerable time. After reviewing the application, the Tax Inspectorate will inform you when to arrive and pick up the notice of deduction.
Individuals often useproperty deduction to reduce the rate of income tax. The total amount of the refund can be 260000 rubles, and this is not superfluous money. In recent years, such a deduction has become more accessible due to the simplification of the return procedure.
