The new year 2020 introduced new amendments to the tax code. In particular, the innovations affected the owners of real estate. Since the beginning of the year, a legislative act has been in force, according to which Russians can not pay personal income tax when selling housing that was previously owned for more than three years. Earlier, this period was five years. Thus, having bought an apartment, house or room, they can be sold in three years without paying income tax to the Treasury.
Who can take advantage of preferential terms?
The main nuance is that the rule applies only to single housing. You can also sell a property without taxing personal income tax if another apartment, house or room was purchased shortly before. However, new housing must be purchased no earlier than 90 calendar days before the date of sale of the previous one. This rule also applies to the land on which the property is located (if it is a private house).
For housing that cannot be considered the only one, the period of sale without paying income tax remains the same-more than five years of ownership
Updated tax rules for the sale of donated property
The tax innovation of 2020 applies not only to purchased housing, but also to donated housing. However, Russian citizens who want to sell real estate that was donated less than three years ago can also count on benefits. The owner of such housing has the right to reduce personal income tax on the amount of tax paid when receiving a gift of a house or apartment.
Property tax is calculated in a new way
Since 2020, all of Russia, with the exception of Sevastopol, has completely switched to the calculation of property tax on individuals at cadastral value (the adoption of the relevant law had to be in the last months of 2018). According to the legislative act, for the first three years, there are lowering coefficients, after which the tax is calculated on the full cadastral value of housing, but not more than 10% of last year's figure.
Other changes in the new year
Among other legal innovations of the coming year, relating to real estate-a legislative ban on the withdrawal of housing from bona fide purchasers by the authorities, as well as the need for mandatory installation of "smart" electricity meters.