Today we will be interested in the tax deduction when buying a home. What it is? And how can I request it? To understand all of these issues and not only for us in the article below. It is not as difficult as it seems. Especially if a person studies the legal framework.
Description
What is a tax deduction when buying a home? This is the name of the process of refunding part of the money for a sale. Funds are issued to those who purchase real estate. They are allocated by the Federal Tax Service and transferred to the bank account or card of the applicant.
At the moment, such a process is called registration of property tax deduction. When buying a home, a citizen can receive funds:
- for a mortgage (on a basic loan);
- for interest on a mortgage agreement.
These options will be studied by us. If you do not use a mortgage, then for the usual purchase of an apartment, part of the costs will also be returned.
Terms of receipt
The tax deduction for buying a home on a mortgage is not so difficult. Especially if you understand how to act in certain circumstances. Under the current law, not every citizen can receive a refund. It is necessary that a person meets the following conditions:
- The presence of citizenship of the Russian Federation. Foreigners are not provided with the service.
- The applicant must have an official place of employment. In addition, you must pay personal income tax 13%.
- The apartment must be executed by the applicant.
- The money transferred for the transaction belongs to the citizen - the recipient of the return.
These are the basic rules that everyone should be familiar with. There is one small exception. It applies to pensioners of the Russian Federation.
Transfer of law
The tax deduction for buying a home for a pensioner is also due. The thing is that retired citizens of the Russian Federation are allowed to use the right to transfer the return. What does it mean?
A citizen can transfer taxes paid for 3 years to the current period. This means that an elderly non-working pensioner has the right to receive a refund for another 4 years after dismissal.
Important! Working old people will draw up a tax type deduction in the same way as ordinary citizens of the Russian Federation.
How much will be returned
Property tax deduction when buying a home involves a certain amount of return. How much can be returned under certain circumstances?
In general, 13% of the amount allocated under a property purchase agreement is allocated money. But there are certain limitations. You can not return more:
- 260 000 rubles - for basic expenses (property deduction);
- 390 000 rubles - when applying for a mortgage.
Once the listed limits are exhausted, a person will not be able to claim a refund. Therefore, citizens are far from always able to request a refund.
Important! The applicant does not have the right to receive a larger amount than he transferred taxes for a given period.
Where to go for help
Do they offer a tax deduction when buying a secondary home? Yes, and on general grounds. The applicant simply needs to act on certain principles. It is worth talking about them in more detail. Where can I request a tax refund? To date, applications are accepted:
- Federal Tax Service;
- MFC;
- Single Window Services.
In reality, everything is much simpler than it seems. And therefore, everyone decides exactly where to send the return application.
Important! The fastest service is provided by direct appeal to the Federal Tax Service.
How much can I return
The right to a tax deduction appears for citizens acquiring this or that property at their own expense. In our case, we are talking about real estate, in particular about an apartment.
The right to return arises immediately after making payments under the contract. But it is only allowed to demand a deduction for the next calendar year after the conclusion of the transaction.
Cash can be requested no more than 3 years after one or other expenses. In the case of a mortgage, a citizen will be able to claim the funds allocated for the loan and interest for all 36 months. There is nothing incomprehensible or difficult in this.
Quick guide
Property tax deduction when buying a home is made out quite easily. Especially if you follow certain instructions. The main trouble with the process occurs mainly in the preparation of documentation for the Federal Tax Service.
The step-by-step instruction looks like this:
- Form a package of documentation for the implementation of the task. Previously, the applicant needs to buy an apartment for personal funds.
- Fill out a return application.
- Submit a request to the tax office.
- Wait for an answer from the Federal Tax Service. He will come after studying the proposed papers.
- Wait until the money is transferred to the account indicated by the citizen.
That's all. In reality, everything is not so difficult. But what exactly can be useful to citizens when processing a mortgage return and for interest on loans?
Basic Help
Let's start with the general case. The thing is that the tax deduction when buying an apartment under a mortgage agreement will provide for the presentation of a variety of certificates. There is a mandatory list of documentation.
This includes:
- identification;
- application for deduction;
- tax return;
- income statements;
- Beneficiary account details
- USRN statements for the apartment;
- contract of sale (mortgage).
These are the main components that will come in handy when requesting any property deduction. The time has come to consider the list of other documents from the applicants.
For family people
The tax deduction for the purchase of housing by spouses is made out without any problems. The main thing is to agree on who will act as the applicant. If both spouses pay for the mortgage, the money can be returned to both citizens. But this is not the most common scenario.
The following components may be useful for couples for a property return:
- marriage / divorce certificate;
- birth certificates of all children;
- certificates of adoption.
All documents are presented exclusively in the originals. Their copies will also not be superfluous. There is no need to certify them.
Mortgage and repayment
Now, we will examine in more detail the certificates that are needed when receiving a tax deduction when buying a home. For example, under a mortgage agreement. This is not such a difficult situation.
When lending at the time of purchase of the property is required:
- mortgage agreement;
- checks and receipts indicating payments;
- payment schedule.
These documents are attached to the previously listed references. The absence of at least one extract will cause a lot of trouble for the family.
Loan interest
How to get a tax deduction when buying a home? This is not the most difficult task. Especially if you prepare for the process in advance.
As we have said, a person can easily issue a refund for interest on a mortgage. And at first the main property deduction will be spent, then - the mortgage. Therefore, a lot of money can be returned. To implement the task, the applicant must take with him:
- mortgage debt repayment schedule;
- Payments indicating payment of the main loan;
- interest receipt receipts.
It is done. No extra help is needed to complete the task. Everything is extremely simple and clear. Even a novice citizen will be able to cope with such an operation.
Other references
Getting a tax deduction when buying an apartment in any way involves a certain amount of paperwork. It must be taken very carefully. Otherwise, asking for money will not work.
In addition to the previously listed components, the applicant may come in handy:
- certificates of lack of debt for the "communal";
- statement of family composition;
- certificates of registration of all homeowners;
- pensioner's ID;
- certificate with TIN;
- employment history.
Men are advised to attach a registered certificate or military ID. The presence of all these documents will greatly facilitate the process.
Service Duration
The tax deduction when buying a home on a mortgage is a rather long operation. And not everyone knows how quickly he will receive the funds laid down by law.
Currently, the average time for consideration of a request for a refund is 1.5-2 months. You will have to wait longer if a citizen makes a statement of the established form at the MFC.
It takes about 2 months to transfer the money. They can transfer funds before, but this is far from the most common scenario. On average, a person spends about 4-6 months to receive a deduction. Quickly request money and take it from the bank does not work.
Maternity capital and mortgage
But what if a citizen acquired property on a mortgage using state aid or maternity capital? This question worries many modern families.
At the moment, the right to deduct from the applicant is not taken away. But the amounts transferred at the expense of maternity capital or as a state subsidy must be subtracted from the total costs of the housing purchase agreement. It is from the received figure that 13% of the deduction will be counted.
What does it mean? State aid and subsidies with maternity capital are not taken into account when calculating the tax deduction. This means that in the end the applicant will receive less than if he paid for the transaction only from his own funds.
Can they refuse a service
But is it possible to face a refusal to apply for a tax deduction when buying a home? Yes, but such options are not too common. And the citizen must necessarily indicate the reason for the denial of deduction.
Refunds are most often not provided if:
- the applicant missed the deadline;
- payments under the contract were not made from the funds of the payee;
- the apartment is issued to third parties;
- an incomplete package of papers is attached to the application;
- references used are fake or invalid;
- the limit of funds for deductions of a particular type has been exhausted;
- the citizen does not have an official place of employment;
- the applicant does not transfer income tax in the amount of 13% to the Federal Tax Service.
If the reason is in an incomplete package of papers or in the absence of valid certificates, it is possible to convey the missing elements within 1 month. Re-submitting a deduction is not necessary.
Important! If a citizen pays personal income tax in larger or smaller amounts, he will not have the right to issue a return. The same goes for entrepreneurs.
Has the applicant been denied a tax deduction when buying an apartment? This does not affect the right to re-apply to the registration authority. Therefore, the applicant will be able to re-implement it in the future. The main thing is this time to prepare in advance and thoroughly.
Section under shared ownership
A few words about how to behave when making a deduction when buying a home with shared ownership. This is a fairly common transaction option.
Under such circumstances, each payer-owner will be refunded in accordance with his share in the property. The legislation of the Russian Federation does not provide for any other arrangements.
Joint property
The tax deduction after the purchase of a home as a joint property is drawn up according to the principles described earlier. In this case, the spouses may indicate in the application how much money and to whom to return.
For example, only one recipient can be identified. Or a 50/50 return section. The co-owners must take the appropriate decision mutually. It is advisable to discuss a similar issue with your spouse in advance.
Conclusion
We figured out how to get a tax deduction when buying a home. This is a fairly simple task if you follow all the tips and instructions listed.
Now everyone knows how much and when they will be able to receive from the Federal Tax Service of the Russian Federation. The main thing is not to delay the preparation of documentation and regularly pay personal income tax. The absence of official employment or the transfer of income tax will result in the applicant losing the right to deduction until the situation is rectified.