In accordance with the Tax Code of the Russian Federation, a taxpayer can receive a tax deduction from the amount that he spent on training, treatment, purchase of an apartment, residential building. The amount of tax deduction for the sale of property depends on how long it has been in the property.
Instructions
Step 1
Check out the list of objects for which tax deductions can be provided. It is exhaustive and is given in article 220 of the Tax Code of the Russian Federation. So, for example, when buying a car, the tax deduction in the form in which it is established to compensate for the costs of education, medical treatment or the purchase of an apartment is not provided. The fact is that a car is not a vital object, it is considered a luxury item. That is why a 13% return on the purchase amount is not possible here.
Step 2
If the car has been in your ownership for more than three years, then you may not pay taxes when selling it. In addition, when selling any other property owned by you for at least 3 years, you will be exempt from personal income tax and income tax.
Step 3
If the car has served you for less than three years, then the amount received from the sale can be reduced by the amount of the tax deduction. From the balance, you can pay additional personal income tax, equal to 13%. Often, this is why sellers indicate the low cost of the car in their contracts.
Step 4
There is another option for reducing taxation - simply to reduce the income received from the sale of the car, at the expense of the cost of buying it. To do this, you need to have on hand documents confirming the previous purchase. In this case, the amount of expenses will be subtracted from the amount of income, and from the result you will pay a tax of 13%.
Step 5
After the sale of property that has been in possession for three years or more, you will have to file an appropriate declaration with the tax office. After the transaction is concluded, the contract and other documents must be submitted to the tax authorities by the 30th April of the next year. However, for one year, when selling several types of property, the amount of the deduction cannot exceed 250 thousand rubles.
