When you do not need to pay tax when selling property

Selling his land, apartment, house or garage, each seller is faced with the question about paying taxes. According to the Law of the Russian Federation income received from the sale of immovable property is taxed on the income of individuals. But that does not mean that every seller is obliged to pay this tax.

Need to know what the tax amount will be calculated from the value of the property which the seller and the buyer indicated the sale in the contract of purchase and sale of real estate. The tax does not apply if you sold your property for a price up to one million rubles. If the value of the sold property more than one million rubles, the tax will have to pay. But in that case, if the real property was owned by seller for more than three years, income received from the sale of this property are not taxed.

This should take into account the way in which real estate became the property of the seller. In the case of purchase, exchange, donation, privatization, registration of ownership under the Declaration, the commissioning of the house, the date of acquisition of ownership of immovable property should be the date of registration of transfer of ownership or registration of ownership and registration in the state register of rights to immovable property and transactions with it, specified in the certificate of state registration of rights to immovable property.

If real estate is transferred to the seller by inheritance, the date of acquisition of ownership of the property, the date of death of the deceased testator, which is specified in the certificate of death of the testator.

If the income from the sale of immovable property is not taxed or is exempt from tax, to submit the Declaration on incomes of physical persons in the sale of real property is not necessary. But if the seller received a notice from tax inspection about the need to pay tax from the sale of his property, to appear in the tax inspection the seller will have.