Tax deduction for interest on mortgages. Property tax deduction

Today not every citizen has enough money to buy an apartment. Many have to use loans. Target loans give the right to claim a tax deduction for interest on mortgages, provided that the documents are issued on the territory of the Russian Federation.

The concept of

Property deduction is a privilege, which makes it possible to save on a mortgage. When a person buys a property, he can return from the budget the personal income tax paid at a rate of 13%. The maximum amount is limited to 2 million rubles. If the property is more expensive, then you can get from the state only 2000 x 0.13 = 260 thousand rubles. And those who have not completely collected this amount, since 2014, are allowed to receive from another real estate object. Mortgages also have the right to receive compensation in the amount of 390 thousand rubles. (13% of 3000 thousand rubles) from interest paid.

Terms of Compensation

Compensation can only be obtained from a targeted loan. That is, the contract with the bank should indicate that the funds are issued for the acquisition or construction of housing on the territory of the Russian Federation. Deduction from expenses can be obtained only from the same property, on which the principal is issued, if the transaction was concluded before 2014. The funds must be spent for the specified purposes. Interest deduction is no longer tied to the principal, it can be applied to another real estate object.

Law

Until 2013, the property tax deduction for a mortgage was granted in the amount of the interest paid. Since 2014, amendments to the code have come into effect, for which a restriction was introduced in the amount of compensation to three million rubles for transactions that were made after 2013. The tax deduction for interest on mortgages is provided in addition to the principal on the loan body. It is also limited to 2 million rubles.

Nuances

It turns out that citizens seem to have a bonus. But they can not take advantage of it, because the tax deduction for interest on mortgages is limited. Legislative changes are designed to correct this shortcoming. The opportunity to get compensation is, of course, good. But the question is, how many really average Russians can buy flats for their lives? The government expects that in the near future, mortgage rates will drop to 12-13%, which together with the innovation will spur demand in the real estate market.

Tax deduction (mortgage): list of documents

Since the paper on ownership was handed in together with the first filing of the declaration, you need to collect and provide for the compensation:

• The declaration of 3-NDFL;
• A copy of the passport;
• A certificate of income level 2-NDFL;
• A statement of compensation;
• Credit agreement;
• A receipt for payment or an extract from the personal account;
• Repayment schedule;
• A certificate from the credit institution on the actually paid interest.

This package of documents must be transferred to the tax at the place of residence.

Joint ownership of property

If the apartment was purchased by several owners before the end of 2013, then at the first submission of the declaration an application is made on the distribution of the deduction between all the owners. In the same ratio, the compensation of the principal amount of debt and interest is distributed. For transactions executed after 2014, such a statement is updated annually.

Shared ownership

The registration of a tax deduction for a mortgage starts from the year when the balance of the principal amount will be received. Previously, to deal with this issue is meaningless. In the case of a shared ownership of the property, the deduction is distributed in the same ratio as indicated in the certificate of ownership.

How to get a refund of a tax credit in a mortgage?

Compensation of interest is calculated on the basis of the amounts actually paid. Therefore, every year you need to take a certificate in the bank, which describes the scheme of debt repayment. On the basis of this document, a declaration of 3-NDFL is issued.

Payment amount

For objects purchased before the end of 2013, a deduction can be made for the entire amount of expenses. For transactions concluded since 2014, other rules apply. If the cost of paying interest for the entire period of the contract does not exceed 3 million rubles, then you can get the tax deduction for a mortgage for the entire amount. Otherwise, only the agreed 300 thousand rubles will be compensated. If the loan size exceeds the cost of the apartment, the interest refund will be calculated based on the cost of the purchase in the total amount of the contract. Consequently, the maximum amount is 260 thousand rubles. When buying real estate for their money, and when registering a mortgage - 786,700 rubles.

Mortgage Tax Calculator

• The cost of the apartment is 1.7 million rubles. The deduction amount: 1.7 x 0.13 = 221 thousand rubles. (Only the body of the loan).
• The cost of the apartment is 4 million rubles. The amount of the main compensation: 2 x 0.13 = 260 thousand rubles.

The remaining 200 thousand rubles. Do not fall under the deduction. In calculation, only the amount spent for the purchase of an apartment is taken. The resulting figure is divided between the shareholders in a certain ratio. If a simultaneous transaction is being made (buying a new apartment and selling the old one), then this money can be used to pay personal income tax on the sale of property.

Who can receive compensation?

A tax deduction for a military mortgage is a refund of income tax. Therefore, only Russian citizens who receive official income and pay personal income tax in the amount of 13% can receive compensation. The same applies to non-residents who work at least for 6 months in a row in the territory of the Russian Federation. If the property is registered for an underage child, the deduction can be received by the parents. Pensioners, who have a source of income in the amount of 5534 rubles per month. (With the exception of the allowance), may also apply for compensation. Women who are on maternity leave can receive money after they go to work. If the housing was purchased earlier, the documents can be issued separately for income, before and after the holidays. If in the current year the salary is not enough to receive a deduction, then this money will not disappear anywhere. They simply carry over to the next calendar period. This situation is often found in people who formally receive only an SMIC, and the rest in an envelope. There are even situations when the mortgage is actually paid, and compensation is not registered, as the income is minimal. How do I get a deduction?

Option one - apply to the tax

From January 1 to April 30 of the period following the accumulation of the amount, at the place of permanent residence registration it is necessary to submit such documents:

• Passport (residence permit);
• A declaration;
• Certificate from the employer 2-NDFL;
• account details;
• INN;
• contract of sale.

All papers are provided in the original and certified copies. The application for a deduction is written on the spot. The documents are reviewed within 3 months. In rare cases, tax can cause a person to clarify questions or obtain additional information. In case of approval within 30 days, the due amount of deduction arrives on the specified account. First, the body of the loan is subject to payment, and then the interest. But in the declaration it is better to indicate both amounts from the first period, so that then the tax officials do not have any questions.

There is no time limit for documents as such. Even if the apartment was bought five years ago, money can be obtained from accumulated income for the previous period, submitting a pre-declaration. If the mortgage was issued in foreign currency, compensation is still paid in rubles at the rate of the Central Bank, as of the payment date.

A tax can refuse to receive a payment if:

• Property is acquired in the name of the employee at the expense of the employer's money;
• Part of the cost was paid for using the "Young Family" program, military mortgage, maternity capital; In this case, the deduction can be made only for the amount of own money;
• Parties to the transaction - interdependent persons: children; Parents, grandchildren, spouses;
• Not all the documents are provided.

The second option is in the place of work

Tax deduction for the purchase of an apartment is formalized as non-payment of personal income tax from a salary. To use such a scheme, you need to get a certificate from the inspection of the right to benefit and give it to the employer along with such documents:

• Certificate of registration of property;
• Contract of registration of the transaction;
• Application for compensation;
• Receipt of receipt of cash by the seller.

These documents are sent to the employer once every 12 months for compensation. If a person has changed several jobs, then the new place can be deducted only from the next calendar year.

Example

In 2014, a person purchased an apartment worth 7 million rubles. Of which 3 million rubles. Were paid for by a loan, issued for 13 years. The amount of accrued interest is 1.5 million rubles. The income of physical persons for the same period amounted to 900 thousand rubles.

The loan body exceeds the maximum amount with which a deduction can be made. Therefore, 2 million rubles are used for calculations. The amount of compensation will be:

2 000 х 13% = 260 thousand rubles - from the body of the loan;
1 500 x 13% = 195 thousand rubles. - with interest.

The amount of withheld tax: 900 x 13% = 117 thousand rubles.

The amount of personal income tax paid from a salary during the year does not cover the deduction. Therefore, in 2015, a person will receive 117 thousand in compensation. And the balance (143 thousand rubles.) Is postponed for the future period.

Tax deduction for interest on mortgages in the amount of 195 thousand rubles. Can be used for 13 years, that is, throughout the life of the loan. This compensation is provided as the commission is actually paid to the bank. Therefore, every year you need to take a package of documents, including a certificate, in which it is painted, exactly how the debt is paid off, and transfer them to the tax. This example is suitable for the case of a single apartment ownership. If there are several owners or there is an equity participation, the compensation is distributed among all the owners in a certain proportion. The amount is transferred to the bank account, and then the money is sent to pay the debt on the loan. On their hands they do not give out. Payment documents must be written out to the person who draws the deduction.

In the dry balance

Property deduction allows Russians to offset part of the cost of a mortgage. The maximum amount of compensation is 786.7 thousand rubles. But this money is not paid. They enter the bank account and are used to pay off the balance of the debt.