In accordance with the law, the state returns 13% of the value of real estate purchased under a mortgage loan. In fact, this is a return of income tax deducted from monthly salaries.
Who can get money back when buying a home
All people who work officially and do not hide their wages from the state have the right to receive income tax deduction for an apartment purchased on a mortgage.
Refunds are possible within three years after the purchase of the property.
If you have several official earnings, then you can get a deduction from all your income. Also included are income from rental housing and other income subject to 13% income tax.
Individual entrepreneurs are not eligible for a refund of the paid income tax in the event of the purchase of housing on a mortgage. Non-working pensioners will not be able to return the money either.
Calculation of the amount of income tax deductible
The amount of the property deduction is calculated based on the value of the purchased apartment or house and the amount of interest paid to the bank for the use of the mortgage. If you buy a house with a rough finish, then the cost can include the cost of repairs, building materials and finishing. You must return 13% of the amount paid for the property, interest on the loan and other costs.
It so happens that the amount of income tax deducted from wages is not enough to cover the entire amount of this tax deduction. Then you will receive money, but from the subsequent transfers of the salary.
But keep in mind that the maximum value of the property with which you can get a personal income tax deduction is, according to the law, two million rubles. If you spent, for example, 2.5 million rubles on an apartment, you won't be able to calculate 13% from 500 thousand.
How to get 13% tax refund when buying a home
In order to receive the property deduction due to you, you must write an application to the tax office located at the place of your registration and provide the following documents
If you have already registered in a new apartment, do not forget to register with the Federal Tax Service Inspectorate at your place of residence.
- certificate of ownership of a house or apartment;
- contract for the purchase of a house or apartment;
- receipts, receipts and documents used when purchasing;
- bank agreement for mortgage lending.
In order not to have to present a power of attorney, the documents must be drawn up for the person who is going to receive a personal income tax refund.
The submitted application is considered within three months, after which you must inform the tax office of the bank account number to which the money will be returned to you.
In the event that the mortgage interest has not yet been paid in full, you will receive the deduction gradually as you pay the interest. To do this, it is necessary to annually receive a detailed statement of payments from the bank and present them to the tax office.
