How To Get A Home Tax Deduction: A Legal Way To Get Your Money Back
Everyone knows that buyers of an apartment can return part of the money spent on it in the form of a tax deduction; Russians who have built houses for themselves have the same opportunity. How to do it - read on.
How to apply for a deduction?
Individual housing construction in our country is becoming more and more popular: last year 46% of all housing commissioned were private cottages.
There are two ways to get a tax deduction for a built house:
- Through the employer (the tax will not be refunded, but not withheld from the salary);
- Through the tax office (the entire amount of the tax deduction will be refunded for a year or several years, depending on how much taxes were paid for the year).
You can send a tax return through the electronic service "Personal account of the taxpayer for individuals" or by personally visiting the tax office.
Alpha, FORUMHOUSE user:
“The tax office must give you a list of documents required for deduction. We have a special inspector who accepts such newcomers, gives them a list, explains, then you bring him what it is necessary, he makes sure that this is exactly what you need, and then you go to the one who specifically accepts the documents for execution. The most difficult thing is to fill out the declaration correctly, but there are special programs, you just insert the data from the 2-NDFL that they gave you at work, and it forms the declaration. "
What does it take to get a deduction?
The only condition for this (with the exception of the obvious: to be a citizen of Russia, pay taxes, do not use your right to tax deduction earlier, and the house must be built on the territory of the Russian Federation and be residential) - have documents that will confirm the costs of construction site. Therefore, experts always strongly recommend collecting payment documents, checks, etc.
If these conditions are met, everyone who bought a land plot and built a house on it can receive a deduction; bought and completed an unfinished house. But until the ownership of the house is registered, there can be no question of any tax deductions.
What expenses are included?
Direct construction costs: for the purchase of a plot, unfinished construction, building materials, finishing materials, for work or services for construction and decoration, for the preparation of design estimates, for connection to utility networks and communications. This list is spelled out in Art. 220 of the Tax Code.
What expenses are not included?
- You cannot receive a tax deduction separately for the purchase of a plot - these expenses will be taken into account, but only after a house is built and registered on the plot;
- for expenses for landscaping, rental of equipment, realtor services, installation of plumbing, shower, gas equipment, meters;
- for the construction of a garage, swimming pool, bathhouse, gazebo and other buildings;
- for rebuilding, redevelopment or reconstruction of an already built house, construction of a new floor or extension;
- if the house was built under a mortgage program, you can return income tax on interest paid to the bank.
How much will the deduction be?
Here everything is the same as in other types of property deduction: up to 13% of the total cost of construction and finishing of housing, but a maximum of 2 million rubles. It turns out that even if a person spends 6 million rubles on a construction site, he can return a maximum of 260 thousand rubles. rub. This takes into account how many taxes you transferred for the year - more than this amount cannot be refunded, the remainder will be transferred to the next year.
Also, you need to apply to the tax structure after deduction when the calendar year in which the house was built has ended.
Received a tax deduction? Write in the comments what difficulties you encountered!
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