Post by nurnobisorker14 on Oct 29, 2024 23:03:53 GMT -6
Mortgage lending is one of the popular ways to buy your own home. In addition, the state provides benefits in the form of a tax deduction when buying an apartment with a mortgage. This is a profitable offer that allows you to significantly reduce the tax burden and save money when buying a house. In this article, we will tell you step by step how to get a tax deduction when buying an apartment with a mortgage. And, of course, we will provide information on when and in what amount you can return interest on a loan from the state budget.
Contents hide
1) What is a tax deduction for a mortgaged apartment?
1.1) When does the right to use the deduction arise?
1.2) How many times can you get a property deduction for a mortgage?
2) What does the property deduction consist of?
2.1) Basic tax deduction
2.2) Interest deduction
3) Instructions: how to get a mortgage deduction in 2023
3.1) Through the tax office at the place of registration
3.2) Through the employer
4) Who is eligible for a refund of the deduction for an apartment on a mortgage
5) What amount of tax can be returned?
5.1) By deduction amount
5.2) By salary amount
6) What documents are needed to apply for a deduction?
6.1) Registration with the Federal Tax Service
6.2) Registration through the employer
7) How long does it take to receive a tax deduction for housing?
7.1) What to do if the deduction was not transferred on time
8) How to save your family budget: tax deduction for mortgages in 2023
What is a tax deduction for a mortgaged apartment
A tax deduction when buying an apartment is an opportunity to receive part of the interest paid on a mortgage loan as a tax deduction. The right is granted to citizens of the Russian Federation in order to stimulate housing construction and the development of the real estate market.
Important! The tax deduction can be bulk email campaigns returned in two ways:
Get back the amount of personal income tax already paid (the rate is 13%).
Do not pay tax in the future - it will be deducted from your salary every month.
Both types of tax deductions have limits on the amounts. When you apply for a refund, you don't get the full amount back, but only 13% of it - that's the amount of tax you paid.
When does the right to use the deduction arise?
When purchasing finished housing - when the property rights are registered.
When purchasing a home under construction - after receiving the acceptance certificate.
When purchasing a land plot (share) for individual housing construction (IHC) - after receiving a certificate of ownership of a residential building.
Once you become the owner of the property or sign the acceptance certificate, you will have the opportunity to return the interest on the mortgage. At the same time, you will be able to apply for a tax benefit on all interest paid, starting from the very beginning of the loan term.
How many times can you get a property deduction for a mortgage
In the Russian Federation, the possibility of receiving a tax deduction on a mortgage is enshrined in tax legislation. According to the current rules of tax deduction, a citizen of the Russian Federation receives it once a year for the entire period of the mortgage loan
What does the property deduction consist of?
Basic tax deduction
The tax deduction is calculated as a percentage of the property value and cannot exceed 2 million rubles. In monetary terms, this is 260,000 rubles (2,000,000 * 13%). To receive the maximum deduction, the property must cost at least 2 million rubles.
If you have already used the property deduction for an object that you purchased before January 1, 2014, then you have already used your right to receive the deduction. Previously, there was a limitation: the deduction was only due for one object to one person. However, if you bought an apartment after January 1, 2014, you can apply for a deduction for this and other objects, but not more than 260 thousand rubles in total.
If the housing was purchased during an official marriage, each spouse will receive up to 260 thousand rubles. Examples:
If the jointly acquired housing costs 5 million rubles, then each spouse is entitled to 260,000 rubles.
If the cost of the apartment, for example, is 5,000,000 rubles, you can apply for the distribution of the deduction. For example, the wife can request a deduction from 3 million rubles, and the husband from 1 million rubles. Thus, the wife uses the entire available limit of 260,000 rubles, and the husband - only half of this amount.
Try paying in installments
First payment only after 30 days
Find out the limit
Interest deduction
The tax deduction for a mortgage is 13% of the interest paid on the loan and is calculated based on a threshold amount of 3 million rubles, but its maximum amount is limited to 390,000 rubles.
Both spouses can receive this deduction, but only for one loan and only once in a lifetime. The interest deduction can be received either in parts as the mortgage is paid off, or once after the loan payments are completed.
Instructions: How to get a mortgage deduction in 2023
Through the tax office at the place of registration
You must wait until the end of the current calendar year in which you became the owner of the property or entered into a purchase and sale agreement for shared participation (when purchasing through shared construction). The package of documents is provided to the tax service at the place of residence or through the taxpayer's personal account on the website of the Federal Tax Service.
The desk audit lasts 90 days, plus 10 days for making a decision and another month for transferring funds to your account.
Through the employer
To receive a tax deduction, you must contact the Federal Tax Service. You do not need to wait until the end of the calendar year. You will receive a refund in the same year in which:
acquired property rights to housing;
signed the acceptance certificate.
If you became the owner of an apartment in 2023, the opportunity to file a tax return for a deduction for repaying a mortgage loan will open up for you only from 2024.
Who is eligible for a refund of the deduction for an apartment on a mortgage
The opportunity to return part of the personal income tax is provided only to those Russian taxpayers who have purchased:
finished housing;
plot for individual development;
the object is under construction.
The calculation base for the deduction may include repair costs if the property was purchased without finishing. Moreover, the deduction is provided not only to the taxpayer himself, but also to close relatives.
Example: Parents can apply for a partial refund of personal income tax for their minor children involved in the transaction. Also, if the spouse does not work, his wife can apply for a tax refund.
Contents hide
1) What is a tax deduction for a mortgaged apartment?
1.1) When does the right to use the deduction arise?
1.2) How many times can you get a property deduction for a mortgage?
2) What does the property deduction consist of?
2.1) Basic tax deduction
2.2) Interest deduction
3) Instructions: how to get a mortgage deduction in 2023
3.1) Through the tax office at the place of registration
3.2) Through the employer
4) Who is eligible for a refund of the deduction for an apartment on a mortgage
5) What amount of tax can be returned?
5.1) By deduction amount
5.2) By salary amount
6) What documents are needed to apply for a deduction?
6.1) Registration with the Federal Tax Service
6.2) Registration through the employer
7) How long does it take to receive a tax deduction for housing?
7.1) What to do if the deduction was not transferred on time
8) How to save your family budget: tax deduction for mortgages in 2023
What is a tax deduction for a mortgaged apartment
A tax deduction when buying an apartment is an opportunity to receive part of the interest paid on a mortgage loan as a tax deduction. The right is granted to citizens of the Russian Federation in order to stimulate housing construction and the development of the real estate market.
Important! The tax deduction can be bulk email campaigns returned in two ways:
Get back the amount of personal income tax already paid (the rate is 13%).
Do not pay tax in the future - it will be deducted from your salary every month.
Both types of tax deductions have limits on the amounts. When you apply for a refund, you don't get the full amount back, but only 13% of it - that's the amount of tax you paid.
When does the right to use the deduction arise?
When purchasing finished housing - when the property rights are registered.
When purchasing a home under construction - after receiving the acceptance certificate.
When purchasing a land plot (share) for individual housing construction (IHC) - after receiving a certificate of ownership of a residential building.
Once you become the owner of the property or sign the acceptance certificate, you will have the opportunity to return the interest on the mortgage. At the same time, you will be able to apply for a tax benefit on all interest paid, starting from the very beginning of the loan term.
How many times can you get a property deduction for a mortgage
In the Russian Federation, the possibility of receiving a tax deduction on a mortgage is enshrined in tax legislation. According to the current rules of tax deduction, a citizen of the Russian Federation receives it once a year for the entire period of the mortgage loan
What does the property deduction consist of?
Basic tax deduction
The tax deduction is calculated as a percentage of the property value and cannot exceed 2 million rubles. In monetary terms, this is 260,000 rubles (2,000,000 * 13%). To receive the maximum deduction, the property must cost at least 2 million rubles.
If you have already used the property deduction for an object that you purchased before January 1, 2014, then you have already used your right to receive the deduction. Previously, there was a limitation: the deduction was only due for one object to one person. However, if you bought an apartment after January 1, 2014, you can apply for a deduction for this and other objects, but not more than 260 thousand rubles in total.
If the housing was purchased during an official marriage, each spouse will receive up to 260 thousand rubles. Examples:
If the jointly acquired housing costs 5 million rubles, then each spouse is entitled to 260,000 rubles.
If the cost of the apartment, for example, is 5,000,000 rubles, you can apply for the distribution of the deduction. For example, the wife can request a deduction from 3 million rubles, and the husband from 1 million rubles. Thus, the wife uses the entire available limit of 260,000 rubles, and the husband - only half of this amount.
Try paying in installments
First payment only after 30 days
Find out the limit
Interest deduction
The tax deduction for a mortgage is 13% of the interest paid on the loan and is calculated based on a threshold amount of 3 million rubles, but its maximum amount is limited to 390,000 rubles.
Both spouses can receive this deduction, but only for one loan and only once in a lifetime. The interest deduction can be received either in parts as the mortgage is paid off, or once after the loan payments are completed.
Instructions: How to get a mortgage deduction in 2023
Through the tax office at the place of registration
You must wait until the end of the current calendar year in which you became the owner of the property or entered into a purchase and sale agreement for shared participation (when purchasing through shared construction). The package of documents is provided to the tax service at the place of residence or through the taxpayer's personal account on the website of the Federal Tax Service.
The desk audit lasts 90 days, plus 10 days for making a decision and another month for transferring funds to your account.
Through the employer
To receive a tax deduction, you must contact the Federal Tax Service. You do not need to wait until the end of the calendar year. You will receive a refund in the same year in which:
acquired property rights to housing;
signed the acceptance certificate.
If you became the owner of an apartment in 2023, the opportunity to file a tax return for a deduction for repaying a mortgage loan will open up for you only from 2024.
Who is eligible for a refund of the deduction for an apartment on a mortgage
The opportunity to return part of the personal income tax is provided only to those Russian taxpayers who have purchased:
finished housing;
plot for individual development;
the object is under construction.
The calculation base for the deduction may include repair costs if the property was purchased without finishing. Moreover, the deduction is provided not only to the taxpayer himself, but also to close relatives.
Example: Parents can apply for a partial refund of personal income tax for their minor children involved in the transaction. Also, if the spouse does not work, his wife can apply for a tax refund.