The state exemption in the form of a tax deduction is granted to the taxpayer during the purchase of his own property. Such an opportunity helps the taxpayer to partially reduce the costs incurred.
Who can take advantage of property benefits
The category of property covered by the privilege includes all real estate and vehicles owned by an individual. Property deduction is assigned only to those people who receive income taxed 13% tax. Cash receipts in the form of interest, insurance payments and prize pools cannot participate in the base for receiving benefits.
Assignment of income tax benefits related to the purchase of property
After the acquired property is finally registered in the property, the individual can use the right to receive benefits. He can do this in two ways:
- Apply to the tax inspectorate for permission to the exemption. The received notification is presented to the accounting department of the enterprise.
- Submit at the end of the year a declaration of income, which will reflect the amount of purchased housing and personal income tax. As a result, the return of the approved deduction will be carried out by the tax office.
Application for a property tax deduction, what it is and where to take it
Any tax benefit must be documented. For each case, regulatory authorities develop specialized forms in which the necessary information is entered. To obtain property benefits, you must fill out an application for a property tax deduction.
You can fill out this form by hand or use a printer. The form is arbitrary in nature and contains the obligatory official part, in which it will be necessary to indicate the name of the enterprise, which will provide the privilege and the full amount of costs.
How to fill in the application form correctly and what documents will be required to confirm benefits
At first glance, the form of the document looks quite simple, therefore, when filling out it, no insoluble questions should arise. The application for the provision of a property tax deduction contains an official “cap”, which indicates the personal data of the applicant. A passport is required to fill them out. Further, in almost arbitrary form, the taxpayer asks to document his right to receive benefits in connection with the purchase of real estate. In conclusion, you need to list the documents that will be attached to the application. Usually a copy of the certificate of ownership, settlement documents, checks and the contract of sale are sufficient.
An application for a property tax deduction is considered by the tax authorities within 30 days. As a result, if the answer is yes, the applicant receives a notice that gives the right to receive such benefits from the employer. Based on the notice, the employer begins to apply the benefit from the moment of confirmation of the right.
Which employer can get tax relief
A notice on the right to acquire a tax deduction is issued to a specific employer. If an employee works part-time in another place, then he will not be able to re-receive the deduction in one period.
In order to return the tax transferred to another employer, at the end of the year the employee must fill out a declaration and send it to the tax authority. Along with the declaration, it is necessary to submit certificates of 2-personal income tax on all income received.
Verification and consideration of the declaration of 3-personal income tax occurs within three months. A refund will also take at least 60 days. A declaration can also be submitted next year, but no later than the expiration of the limitation period, which is set at three years.
Such a form as an application for the provision of a property tax deduction is very popular in Russia, since the privilege received when considering this petition has significant monetary value. Reducing tax charges sometimes helps to solve many financial issues that arise after the purchase of property.