Having your own home is a measure of value. About 30 years ago, the solution to this issue remained with the state. Now citizens must provide themselves with housing. But you can still count on some help. For example, repayment of interest on a mortgage. Read more about the essence and details of this process.
Clarification of concepts
Mortgages are one way to purchase your own home. If not for the high interest for this service, then every Russian would have long had his square meters. However, the state provides for the possibility of partial cost compensation. So, what constitutes a repayment of interest on a mortgage actually.
- The state recognizes that the purchase of housing is a very important event in the life of citizens, therefore, it amends the Tax Code.
- Reducing the cost of acquiring real estate occurs by reducing the tax base with which a citizen pays 13% of personal income tax. For example, if a person is paid a salary of 30 thousand rubles, then for a year he receives 360 thousand rubles. If for this amount he manages to buy real estate, then the tax base is reduced by a similar figure. That is, the state undertakes to return: 360/100 x 13 = 46.8 thousand rubles. This is part of the tax accrued in the year in which the purchase was made. The calculation takes into account the amount of accrued rather than paid income.
- The number of people able to buy an apartment at a time is small. Much more transactions are made in installments. The state has developed a program under which a reduction of the base by the amount of interest that a person will pay in the form of monthly payments is provided. Because the bank commission is the bulk of the cost of buying an apartment. 13% of this amount and are non-refundable.
Who is eligible for deduction
Citizens who have sources of income taxed by personal income tax. First of all, these are people who work for hire and receive a “white” salary. If a “gray” scheme is used, then you can count on compensation from the official amount of income. If a citizen receives income from several sources (two or more places of work, rent, profit from the sale of securities, etc.), they can also be used for calculations.
If the borrower is an entrepreneur who works on the “simplification”, then he is not entitled to such an exemption. The same applies to non-working pensioners.
Women can apply for a refund of interest on a mortgage after exiting maternity leave. If the house was purchased before it, then the income before the "vacation" is taken into account. If they are missed, then the rest can be obtained after vacation.
People who officially work on the territory of the Russian Federation for more than 6 months of the year, but do not have citizenship, can receive a refund of interest on the mortgage.
The exemption does not apply if the transaction was executed between relatives, colleagues and other related parties.
The amount of the deduction
The basis for the calculation are the funds spent on construction, the purchase of real estate. If the transaction was executed with a special-purpose loan, then interest on it is taken into account. But the contract should clearly state that the money was issued "to buy a house." No other language is allowed.
If a mortgage was issued to the house without decoration, 13 percent will be repaid based on the amount of the principal debt, interest on the loan, expenses for the development of the project, purchase of materials, payment of finishes, connection to electric, water and gas supply networks. Completion costs can be taken into account only if the contract says that an object under construction is being acquired . If a currency mortgage was issued, then all expenses are recalculated at the Central Bank rate on the day of payment.
The maximum deduction is limited to 2 million rubles. upon repayment of the main debt and 3 million rubles. - upon return of interest. The latter provision applies only to contracts concluded after 2013. Expenses incurred through subsidies, maternity capital and other social benefits cannot be included in tax deductions .
Mortgage interest return: documents for registration
- An agreement on the purchase of real estate or the right to acquire it in a house under construction.
- Act of acceptance.
- Documents confirming payment of expenses (receipt for the order, receipt of the seller, bank statements, receipts for the purchase of materials).
- Proof of ownership.
- Loan agreement.
Without a certificate of ownership, a tax deduction cannot be obtained. If property is purchased in a house under construction, then for registration of benefits it is necessary to wait for the act of acceptance. All documents must be executed by the person who is going to receive compensation. Otherwise, you will have to write a power of attorney to the real payer.
A package of documents must be submitted to the tax office at the place of registration, regardless of where the property was purchased. The term for making a decision is 3 months. If the answer is yes, then you need to write a statement indicating the bank account number for the transfer of funds. Money must be received within a month. In case of violation of the deadlines, the tax authority will pay interest for each day of delay at the refinancing rate. If the application for the return of interest on the mortgage was rejected, you can go to court.
Registration of the transaction through the employer
Not all people find it convenient to bother with tax. Therefore, a refund can be issued at work. In this case, the employee will be paid a large salary, as the employer should not withhold income tax. To complete the operation, you need to take a tax notice to receive a deduction with the name of the company. This paper must be submitted to the employer along with the application.
Personal income tax will not be withheld from the month following the receipt of documents. If the employee wants to change the place of employment, then the rest of the compensation can only be obtained through tax. The notification is issued once a year.
If the employee has one place of employment, then, having received a refund of interest on the mortgage, he cannot draw up other deductions from this employer.
Payment Procedure
First, the amounts spent on the purchase of real estate are repaid (maximum 260 thousand rubles = 13% * 2 million), then the interest paid. But the declaration must indicate the total amount to be compensated. The package of documents must be updated every 12 months.
If the amount of income does not cover the amount of deductions, then it can be carried forward to the next year. In schemes with a “gray” salary, there have been cases when a loan has already been repaid, and in order to receive compensation, you need to wait a few more years.
Conclusion
A person who acquires property on credit in the Russian Federation has the right to receive a personal income tax return. Interest on a mortgage is not repaid immediately, but as the debt is paid to the bank. The operation is made through tax. Documents for deduction need to be updated annually. If a currency mortgage was issued, then the compensation is calculated from the amount of expenses converted to rubles at the Central Bank rate on the day of payment.