How to get a tax deduction – How to make money

Many are concerned with the question of how to get a tax deduction for the property. In addition, which documents need to be submitted and by what deadline the application is considered. These and many other questions can be answered in the article.

How to get a property tax deduction

Each of us can get by property get tax deduction. However, not everyone takes advantage of these opportunities and the reason is obvious.

Thus, you miss the opportunity to return the finances for the purchase of an apartment. While the amount often may not be small. Furthermore, money received you can spend on your mortgage payment. Or meet some other need. For example, when a family has a young child, free money, the resource is always relevant.

So if you make large purchases, you can refund part of the money spent. These financial transactions include:

• Treatment, especially in public institutions
• Buying a property (apartment, house, etc.)
• university tuition
• insurance registration

Who can receive a deduction and for what

First, it must be said that tax deduction Only citizens who pay taxes regularly can count. That is, official work with monthly payments in accordance with all legal regulations.

If you work but this is not corrected by any documents, you are not entitled to a deduction. There are several types of deductions:

1. Standard. They refer to certain citizens, for example people with disabilities, victims of Chernobyl. It also includes payments for children.
2. Social. These are deductions for categories – treatment, education.
3. property payments. You can get this type of tax deduction after purchasing real estate.
4. Individual investment accounts. As a rule, deductions of this type are available to small and medium-sized businesses.

But often, not only the issue matters, how to get a tax deduction for an apartment or something. But how much, specifically, will that value be.

For example, you paid 120 thousand reais for training. Of this amount, approximately 15,600 reais will be returned to you. Also, you need to understand that property deduction cannot exceed two million reais. And when you buy a property with a mortgage, you can return not only the amount paid for the apartment.

Procedure, document collection

What you can count on a tax deduction for is understandable. Now it remains to find out how to get a tax deduction through the tax or personal account. Depending on the type of deduction, the package of documents may vary. But in general this is a standard package:

• copy of passport, NIF;
• 3-NDFL declaration, the original is required, completed independently or at the tax office;
• income certificate, issued in the form of 2-NDFL.

Copies of payment documents, tuition or treatment payment receipts may also be required. If this concerns a child, certain information will be required.

Second step, sending documents

Which government agency can I receive a tax deduction from? Any citizen of our country can apply to the tax office to which he belongs by registration, and not by place of residence. However, for refund a purchase apartments or for other transactions, you can go to the tax office in person, arriving at the address. Also, there are other options. For example, through the State Services portal or through your official representative. But remember that he must have a power of attorney.

After sending the documents, a photographic verification begins. Exactly 3 months are allocated for its implementation. And if you have any questions, you will be contacted. Then leave your contact. If the deadline has expired but you have not received a response, please contact us in person. This way, you can always clarify what stage the verification is at and if there are any difficulties in solving your problem.

return periods

How fast is the withdrawal process? Not the fastest.

In 2022, some changes were made to the tax code, now the deduction can be obtained without a declaration and even filing documents.

At the same time, citizens have the right apply for simplified deduction. In this case, the tax authority has one month to verify the documents. In addition, in some situations, the term may be extended to three months. So, once a positive decision is made, the funds will be transferred within 15 days.

However, get tax deduction for the purchase of a new or secondary apartment in a simple way, you will have to wait at least 3 months. For example, if documents are being verified and everything is in order, there will be one month to transfer the deduction. In general, the entire procedure can take up to 4 months with all checks and monetary transactions completed.

common problems, mistakes

When personally visiting the tax office, obtain tax deduction Will be easy. And yet, errors still occur. When you submit documents incorrectly, inspectors may refuse. There are also more serious problems.

So your certificates and contracts are sent for verification, but the acceptance status doesn't appear. It turns out that the declaration remains in an immovable state for several months.

Also, many people claim deductions in the wrong order. For example, you bought a property. In this case, a tax deduction becomes available for the interest that was paid on the mortgage loan. However, the last payment may be provided to you for an object. In other words, for receiving, at the same time, two deductions you must first request a refund of the purchase. And only after that should you ask - for interest.

It is also worth mentioning that it is impossible to claim the rest of the social deduction. That is, it can be obtained for the year in which the applicant incurred expenses. At the same time, if the deduction is not received in full, in the next year from nothing will be left.

At the same time, if the inspector does not find something in the package of documents sent, a refusal will be received. Even if the declaration has already been sent and errors are suddenly discovered, nothing can be corrected. So, you will have to go through the whole procedure again.

Conclusion

As a rule, the procedure for obtaining a tax deduction is the same. Furthermore, it does not depend on the type financial transaction, for which you would like a refund. The difference is only in the required package of documents that need to be collected and provided. And you can familiarize yourself with their list on the State Services website or at the tax office by contacting them in person.

That is all! Develop financial thinking with Ilya Sitnov. Subscribe to our newsletter here and on Yandex.Zen, and also read interesting materials on our website.