Save on mortgages or mortgage tax deductions

If a citizen has an official income on which he pays income tax, then when purchasing a mortgage loan, he has a significant advantage in solving housing issues related to redevelopment, the purchase of building materials, the acquisition of the apartment itself (this applies to the apartment), which are not given by other purchase options housing. Or payment for the work of an architect and designer, budgeting, construction, interior and exterior decoration, as well as connecting the building to all the benefits of civilization (if a house is purchased). A citizen has the right get a tax deduction, and this right is guaranteed to him by the Tax Code of the Russian Federation.

This is possible only if an unfinished building or an apartment with a rough finish is purchased. In this case, the amount of deduction cannot exceed 1,000,000 rubles, and the amount of payment for using a loan for which you can get tax deduction has no limit. To obtain tax deductionit is necessary to write an appropriate application and attach to it all documents confirming the expenses for the purchase of housing and subsequent work (receipts, checks, etc.). An extract from the personal account is also required. It should be borne in mind that if an apartment is purchased in an unfinished house, then the certificate of ownership will be in hand only after the completion of construction.

At the end of the year, attach the prepared documents with your declaration to the tax authority. The application is considered during the quarter. If the application is approved, then write an application for the transfer of funds to your personal account and within 30 days the transfer will be made. The application can also be submitted at the place of work, upon presentation of a notice from the tax authority guaranteeing the right to deduction. In this case, 13% of the employee will not be withheld. But such a notice is issued for a year. If a person changes jobs within a year, the remaining funds can be obtained from the tax authority. You must submit an application every year, during the entire loan repayment period.

If the deduction amount exceeds the salary, then the remaining amount is carried over to the next year. Such an opportunity appears only once in a lifetime, and if a deal is concluded between colleagues at work or related persons (according to the RF IC), a person does not have such a right. Also, if another loan is purchased for full or partial repayment of the mortgage, then the possibility of obtaining a deduction is lost.
In the event that the owner of the area is more than one person, then the amount of the deduction is distributed among the owners (depending on the form of ownership). And even if one family member took over 100% (this is done if, for example, one family member has more official income, or he is the only one with official income), it is considered that both spouses have exercised their right to deduction. Although lawyers think otherwise …

If each of the spouses exercises their right, then the amount of the deduction is distributed depending on the share in the property (up to 500 thousand rubles, if there are 2 owners). And if there is a minor in the family, then he can also exercise his right to a tax deduction when he begins to receive official income (after the onset of majority). If the plans involve the acquisition of other real estate, then the right to receive a deduction can be retained for the next purchase.

Let’s consider an example:

Property value: 4400 thousand rubles, 50% down payment and loan term – 10 years; the overpayment is 1100 thousand rubles. In this case, the maximum deduction amount can be 273 thousand rubles (13% of the interest and 1,000 thousand rubles). At the same time, 130 thousand rubles can be received immediately (this is 13% of 1000 thousand rubles – the maximum amount of the cost of housing, presented for tax deduction).