We are talking about 13% percent of the cost of housing, although there are limits from which a tax deduction can be calculated. For the construction or purchase of housing, this deduction cannot be paid from an amount of more than 2 million rubles, or 3 million rubles when buying a home on a mortgage.
On average, the deduction amount cannot be more than 260 thousand rubles of the principal amount for the purchase of an apartment and 390 thousand rubles if the apartment or house was purchased using credit funds. If the property is worth less than 2 million rubles, then the deduction will be calculated depending on the purchase amount, and the remainder can be transferred to the purchase of other objects. You can use the deduction from the payment of interest on a mortgage only once and with respect to one object.
When applying for a tax refund, it is important to remember that the deduction in the amount cannot be greater than all the personal income taxes paid by you per year. In fact, only people with stable and “white” earnings can return funds.
The deduction itself can be obtained both through the employer and through the tax office. In the first case, you are not bound by the deadline for filing the declaration and personal income tax is not deducted from you. In the second case, you receive a lump sum payment after filing the declaration. There is no statute of limitations for obtaining a property deduction, but it can only be claimed for the last three years when you paid the tax.
To register a property deduction when buying an apartment, you will need to fill out a declaration in the form of 3-NDFL, get at work a certificate of the amount of withheld taxes in the form of 2-NDFL. Prepare copies (originals also need to be provided) of documents: an extract from the Unified State Register of Legal Entities or a certificate of state registration of rights; an act on the transfer of real estate (or a share in it) to the taxpayer, documents confirming the costs of acquiring the property; passport and marriage certificate, if the apartment was purchased in marriage.
When receiving a deduction for interest on a mortgage, you will need an agreement with a credit institution, a loan repayment schedule and interest payments for the use of borrowed funds.
Source: RBC Real Estate
