The laws of the Russian Federation establish the obligation of each individual to pay income taxes. However, there are a number of cases where tax already withheld can be refunded from the budget. In particular, such an opportunity is provided for when buying an apartment or training individuals.
Who and how can return the income tax
First of all, it is worth emphasizing that we are talking about tax refunds, therefore, this right applies only to those who receive income taxed at a thirteen percent rate. That is, people living on benefits and other non-taxable payments will not be able to compensate personal income tax when buying an apartment or training. The exception is pensioners who, since 2012, have received the right to transfer tax refunds to the three previous purchase periods.
According to the tax code, personal income tax can be reimbursed in two ways: by returning the tax already paid in the previous year, or by reducing the current income tax at one of the workplaces.
In both cases, it is necessary to apply for a deduction to the tax office at the place of registration by filling out a 3-personal income tax return and providing a package of documents confirming the right to a refund.
Refund of personal income tax is not possible in the following cases:
- payment was made from maternity capital;
- expenses for buying an apartment or training were paid from the employer's funds.
Property deduction when buying an apartment
The Tax Code establishes the right of any citizen to reimburse personal income tax when buying an apartment or other real estate. However, you can use it only once during your life, regardless of how many apartments have been bought. The amount of compensation will be 13% of the cost of the purchased property, and the direct cost of the apartment can add the cost of repairs if it was purchased without finishing (under the contract), and the interest paid for the target loan (including mortgage). However, the total amount of compensation may not exceed 260 thousand rubles (excluding interest). In other words, the deduction when buying an apartment cannot be more than two million rubles. If the apartment was worth less, the deduction will be provided only in the amount of its value, and the personal income tax refund, respectively, will be 13% of it.
When buying an apartment, you should apply for a tax refund no later than three years from the date of the transaction, however, the refund itself does not have a statute of limitations, that is, personal income tax will be returned (or not withheld from current earnings) until it is fully refunded.
Social deduction for tuition
When paying for tuition, citizens also have the right to return 13% of the amount they paid. This can be done both with personal training and with tuition for children under the age of twenty-four. An indispensable condition for obtaining a social deduction for studies is the availability of a license from an educational institution, and if it is not about paying for your own studies, a full-time education is essential.
If a citizen receives a social deduction for himself, an annual personal income tax refund for training is possible up to 15,600 rubles. When the deduction is provided for the education of the child (brother, sister, ward), the amount of the tax returned will be up to 6,500 rubles annually. That is, directly deductions will be 120,000 and 50,000, respectively.
You need to apply for a social deduction within three years from the date of spending. For example, for tuition fees in 2012, you must apply for a deduction no later than 2015.
In conclusion, it is worth noting that the possibility of obtaining property and social deductions does not depend on each other: in a single tax period, a citizen can compensate personal income tax for both the purchase of real estate and training. However, it should be borne in mind that the amount of social deduction is distributed between the payment of treatment and training for an individual.