Making money off property.

Welcome to my “ Making money off property”.

If you sell your house in the last year, you will be required to report the income tax on housing transactions in May, but if you lose money, you can list the loss of property transactions and deduct the next two years. Within the property transaction income tax. Experts pointed out that even if the sale of the house to make money, there are still "Priebus" can be tax deductible, for example, when the deduction after the housing transaction income, higher than the government announced the present value of housing assessment, Declare, you can pay some income tax.
Pick the method
Xiaohui 4 years ago in Taipei City to buy a total of 5 million yuan of the house last year, the house to 7 million yuan to sell this year to declare income tax, due to deductible decoration, intermediary and agency fees, a total of 1.5 million yuan Cost, so the property exchange income of 500,000 yuan, because the housing is located in Taipei City, 500,000 yuan and then multiplied by the Taipei City housing transaction tax rate of 29%, Xiaohui this year, about 145,000 yuan should be included in the income declare.
"In addition to the market price, the housing transaction tax can also be calculated in the form of the assessment of the housing on the housing tax, and the public can choose to declare in a favorable way," said Mr. Chan Chun-hong, Manager of the Housing Contracts Department of Wing Ching.

Present value is not required to submit information.

For example, Xiaohui listed after the deduction of housing transactions for 500,000 yuan, but the housing assessment of the present value of 40 million, as the tax rate is 29%, then to assess the present value of the declaration, the benefits of Xiaohui, and According to the housing assessment of the present value of the declaration, there is no need to seize the benefits of information. On the contrary, if the present value of the housing assessment is higher, the actual property transaction is declared, but the deduction should be accompanied by a complete document.
Therefore, the residents of real estate planning and research director Xu Jiaxin said: "When the public trading transactions, the expenditure documents should be properly preserved." Where the purchase of housing expenses tax, notary fees, renovation costs, as well as transfer costs, such as agency fees, cleaning Fees, etc., can be cited deduction.
However, if it is "losing money to sell", you should use the actual transaction amount to declare, because after deducting the purchase cost, the property transaction losses, can be reported to the IRS issued a proof of property loss, this loss can be used to deduct Property transactions in the next 2 years.
Loss of property shall be accompanied by proof
If the house is to be sold for money, if the house is sold for sale, if the house is sold and the "0" is filled in the property transaction in the "Code" column, it means that there is no income, If the documents are not complete, they may be subject to tax and additional interest charges.
If the relevant documents cannot be provided, the tax collection agency can only refer to the local "property and property transaction standard" approved by the Ministry of Finance for the year, because the standard does not consider the sale of the loss situation, so pay Property tax on property transactions is considerable.
The IRS announced the housing transaction tax rate this year
Part of the municipality directly under the central government
◎ North City: 29% of the present value of the housing assessment
◎ high city: 19% of the present value of housing assessment
● Permitted part of the prefecture
◎ City: According to the 16% of the present value of the housing assessment
◎ Township: 8% of the present value of the housing assessment
● another county (city) part
◎ City (that is, the original provincial cities): according to the assessment of the present value of housing 13%
◎ county prefecture: 10% of the present value of housing assessment
◎ Township: 8% of the present value of the housing assessment
Source: Yongqing housing
Housing transaction tax can be deducted items
Cost of purchase
● After the sale of the house can be listed after the loss of property transactions
● Dinner fee, agency fee, agency fee, sale contract (private lease), deed tax, stamp duty, proof of receipt and payment, notarized receipt, fee, handling fee, land value-added tax, gas pipeline fee
Note
◎ If the total expenditure of the purchase is greater than the selling price, it is exempt from the housing transaction tax
◎ documents should be a unified invoice, the official receipt, the receipt should be the owner of the rise
◎ document if the address is the particularly good note
Note: The above list of deduction details, still need to be recognized by the IRS
Source: Fang Zhong industry, "Apple" reference room.

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