Income tax on individuals
Seller / renter has to pay income taxes when he sell or rent real estate.
When is the seller / renter exempt from income tax?
Income tax is generally exempt from:
- Seller who acquired property before 1 January 2011 and who has been proven to have his or her permanent residence or own property in question for more than 5 years.
- Seller who acquired real estate after December 31, 2010 and who owned a property for more than 5 years.
- The exception is also the property acquired by the estate in respect of the direct inheritance (children, widows) and the tutor has met one of the previous two conditions for exemption from income tax on the sale of property.
The income tax rate for a individuals for a taxable period is as follows:
19% of the portion of the taxable amount (less taxable portion and tax loss) that does not exceed 176.8 times the amount of the applicable subsistence minimum including (for 2014, 2015 and 2016 and 2017 the sum of 35 022.31€)
25% of that portion of the tax base (less taxable portion and tax loss) that exceeds 176.8 times the applicable subsistence minimum (above € 35 022.31€)
When do you need to file a tax return?
- Date 31.3. – The tax return is filed no later than three months after the end of the tax period. For example: The taxpayers are compulsory to file income tax return for individual for year 2008 at the latest 31.3.2009.
- Date 30.6. – If the taxpayer must have a financial statement certified by an auditor or his tax return is processed and submitted by a tax advisor, the deadline is extended until 30 June 2009. In this case a full power of representation must be delivered to the tax office by 31 March.
Text is the copyright and property of EASINESS.