How to collect taxes when buying and selling an apartment? Interpretation of the latest policies in 2024
Recently, real estate tax policy has become a hot topic on the Internet, especially the tax issues involved in apartment real estate transactions have attracted much attention. This article will combine the hot data of the past 10 days to provide you with a detailed analysis of the tax policies for buying and selling apartments, and provide structured data reference.
1. Main taxes involved in apartment sales
| tax type | Seller bears | Buyer to bear | Tax rate/calculation method |
|---|---|---|---|
| value added tax | ✓ | × | 5% difference or full charge |
| Deed tax | × | ✓ | 3%-5% (different places) |
| personal income tax | ✓ | × | 20% of the difference or 1%-3% of the full amount |
| land value added tax | ✓ | × | 30%-60% excess progressive |
2. Latest policy changes in 2024
According to the latest notice from the State Administration of Taxation, the tax policy for apartment transactions will have the following adjustments starting from 2024:
1.VAT reduction policy: Ordinary apartments held for more than 2 years are exempt from VAT (original policy is 5 years)
2.Deed tax benefits: Some cities have launched a policy of halving the deed tax for the first commercial apartments
3.Approved collection standards: The approved personal income tax collection rate is uniformly adjusted to 1.5% (originally 1%-3%)
3. Specific case analysis
| Case | purchase price | selling price | Holding period | total taxes |
|---|---|---|---|---|
| 50㎡ apartment in first-tier cities | 2 million | 3 million | 3 years | About 455,000 |
| 80㎡ apartment in second-tier cities | 1.5 million | 1.8 million | 1 year | About 327,000 |
4. Tax Saving Tips
1.Make reasonable use of holding time: 5.6% VAT can be saved for 2 years
2.Select approved collection: When the difference tax rate is higher than the approved tax rate, you can choose the latter
3.Pay attention to local policies: Some cities have special tax incentives for commercial apartments
4.Divided property rights period: Long-term holding can reduce the land value-added tax rate
5. Answers to hot questions
Q: What is the difference between condo and house taxes?
A: The main differences are: 1) Apartments do not enjoy the exclusive tax exemption policy for five years or more 2) The deed tax rate is generally 1-2% higher 3) Land value-added tax must be levied
Q: How is tax calculated on the sale of an inherited apartment?
A: The appraisal price at the time of inheritance is the purchase cost, and the holding time is calculated from the time when the decedent obtains the property rights.
6. Expert advice
1. Be sure to calculate taxes before trading. Different plans may have tax differences of more than 100,000.
2. Keep complete receipts and vouchers, especially decoration expenses that can be deducted from personal income tax
3. In 2024, many places will introduce preferential policies for talent apartments, and those who meet the conditions can apply for exemption or reduction.
Recent big data shows that the number of searches for apartment transaction tax issues has increased by 35% month-on-month. It is recommended that buyers and sellers make tax planning in advance. If you need to inquire about specific city policies, you can log on to the official website of the local tax bureau to obtain the latest documents.
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