Key Benefits of Forming Cross-Functional Teams
Posted: Tue Feb 11, 2025 9:06 am
If a mortgage was issued, then there is no need to confirm the use of maternity capital, because the money is transferred to the bank, and the owner only confirms payment for the property under the loan agreement. How to reduce expenses by the amount of mortgage interest When selling an apartment or house, income can be reduced by investing in the purchase of real estate. Expenses are often understood to mean the payment previously made for housing under a purchase and sale agreement. When buying an apartment with a mortgage with interest paid to the bank, they can also be attributed to the expense item, which reduces the amount subject to personal income tax. To do this, the price of the apartment indicated in the purchase and sale agreement and the amount of interest paid on the mortgage are included in the submitted declaration.
When the mortgage is paid off and the encumbrance on twitter database the property is lifted, the parents are required to allocate shares to the children within 6 months. This can be any percentage of the apartment. The minimum period of ownership of property for children begins from the moment of registration of their right to real estate. The beginning of the minimum established period for parents is counted from the moment of their purchase of the apartment. When selling children's shares before the established minimum period of ownership, the income from the sale of the property is subject to taxation. Its size can be reduced by deducting the parents' investments in the purchase of the apartment. The amount of expenses that are taken into account depends on the size of the share allocated to the children.
Let's consider a situation where an apartment was purchased with a mortgage using maternity capital, and the only child was allocated 0.1 of the property. Then the parents decided to sell this apartment, having received permission to do so from the guardianship authorities. However, the minimum period of ownership of the child's share was not met. In this case, taxable income is formed. Its size for the child will be 10% of the cost of the sold apartment. The income taken into account can be reduced by the parents' expenses incurred for the purchase of housing. These changes to the legislation were made in 2019. Before the innovations, parents would have had to pay a larger amount. When selling property in which children's shares are present, parents file declarations on behalf of their children.
When the mortgage is paid off and the encumbrance on twitter database the property is lifted, the parents are required to allocate shares to the children within 6 months. This can be any percentage of the apartment. The minimum period of ownership of property for children begins from the moment of registration of their right to real estate. The beginning of the minimum established period for parents is counted from the moment of their purchase of the apartment. When selling children's shares before the established minimum period of ownership, the income from the sale of the property is subject to taxation. Its size can be reduced by deducting the parents' investments in the purchase of the apartment. The amount of expenses that are taken into account depends on the size of the share allocated to the children.
Let's consider a situation where an apartment was purchased with a mortgage using maternity capital, and the only child was allocated 0.1 of the property. Then the parents decided to sell this apartment, having received permission to do so from the guardianship authorities. However, the minimum period of ownership of the child's share was not met. In this case, taxable income is formed. Its size for the child will be 10% of the cost of the sold apartment. The income taken into account can be reduced by the parents' expenses incurred for the purchase of housing. These changes to the legislation were made in 2019. Before the innovations, parents would have had to pay a larger amount. When selling property in which children's shares are present, parents file declarations on behalf of their children.