For what period you can receive a tax deduction when buying a home

The Russian tax system provides for the possibility of a return to the taxpayer portion paid before taxes. Also the Russians have the option of exemption from tax burden in a certain period of time in the future.

Each month, each taxpayer receives only 87% of funds from the public part of their income. 13% go to pay personal income tax, - tax, also called income. With the purchase of any residential premises in which a taxpayer may obtain a tax deduction in order to reduce the burden of expenditures for housing. In 2013 more than two million Russians have used the opportunity and issued a similar procedure.

Rules of application of tax deduction

A tax deduction is characterized as a return of taxpayer funds as a fixed sum or exemption for a specific period of time in future from the payment of personal income tax within the previously paid 13% tax.

Legally established maximum amount of the purchase price, based on which, calculates the deduction. No matter at what price you purchased the apartment, the limit of the property value must not exceed 2 000 000 rubles. Thus the maximum amount of tax refund equal to 260 000 rubles.

In a situation when the property was purchased at a price of less than two million rubles, the balance of the property deduction can be used when purchasing or construction of residential premises. This fact is new, as previously the taxpayer was granted the right to a single receiving a deduction. Even if the amount of the tax deduction amounted to only 20 thousand rubles, the possibility to re-obtain the payment wasn't provided. However, changes in the Tax code apply only to transactions only after January 1 of the current year. Maximum value of property for the deduction remains the same – 2 million rubles.

How and over what period you can receive a tax deduction

Making of refunds in the tax office in the provision of legal real estate documents and information confirming the fact of payment of housing certificates and forms 2 and 3-pit.

The legislator has limited the period for which it is possible to produce a return of previously paid taxes for a period of 3 years. If the taxpayer purchased an apartment in 2014, you get a tax deduction possible for 2011-2013.

The visa processing time is about 4 months, three of which is conducting a Desk audit of the submitted documents.