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With the resolution of the amendment to the Comprehensive Real Estate Tax Law, which allows the elderly and long-term holders to receive the same tax credits regardless of whether they are single or married, the final tax burden is expected to decrease to starting next year.
As a result of calculating the tax for a house under the joint name of economist Maeil Woo Byung-tak, director of the Shinhan Bank Real Estate Investment Advisory Center, amendments to the tax law for married couples who own a private area of 74m2 in Miseong’s second apartment in Apgujeong. It was found that it could save millions of won. The price of the apartment is supposed to increase by 2% per year. If a couple over 65 had a 74㎡ for Miseong 2nd in Apgujeong-dong, Gangnam-gu, Seoul for more than 15 years, they initially had to pay 2 million won for the final tax next year, but now they just need pay 1 million won. This is because the single homeowner or seniors tax credit was applied when a couple owned a home together in accordance with the Tax Law amendment. According to the amendment of the Final Tax Law, the couple received 30% of the tax credit for people 65 years of age or older and 50% of the tax credit for long-term possession for an additional 50% due to the period of tenure of the apartment for more than 15 years. .
According to government policy, the tax burden will increase as the published price jumps to 90% of the market price after five years, but the tax burden on the couple is expected to decrease slightly due to the revision of the law of taxes. If the couple chooses the special case for a co-named owner, the tax will be reduced by 1 million won each year and 2.24 million won will be saved by 2025. The official price of the Miseong Apartments in Apgujeong this year is of 1,557 million won, which is approximately 700 million won cheaper than the market price (2.27 billion won).
Elderly couples who have owned 84m2 for Hangaram Apartments in Ichon-dong, Yongsan-gu, Seoul for more than 15 years are also expected to cut taxes by hundreds of thousands of won. The tax will be reduced by 120,000 won next year and 580,000 won after 5 years. However, it is noted that the tax benefit for single-owner couples is negligible, considering the fact that the property tax of Hangaram Apartments in Ichon-dong soared 42% after 5 years due to the increase in public price. in accordance with government policy. Tax manager Woo Byung-tak said, “If you are going to buy a new apartment, it has become much more advantageous for the couple to have it under a common name.” “Since it has to be paid for, the change to a joint name through a donation must be decided carefully.”
To receive the basic deduction of 900 million won and the long-term, old property deduction for a house in the joint name of a couple, the key is who will receive the deduction based on which of the joint nominees. In principle, the government plans to apply the age and holding period of the couple who owns the most shares in the common name of the house as the basis for deduction. If the bet is the same 50-50, it was decided to allow a pair to choose one. For example, if a household is 5 years in the husband’s name and later becomes a joint name with the wife and is 5 years older, a total of 10 years is recognized as the retention period.
Furthermore, the government decided to block the tax savings that they abused by specifying that houses with common names eligible for deductions for old age and long-term ownership were specified as “if the household member and the spouse own a house.” For example, if a parent and child share an interest to save money, or if a multi-house pair with two or more houses share their shares, the deduction is not given. An official from the Ministry of Strategy and Finance said: “The impact of deductions for old age and long-term possession increases considerably as the period of time accumulates.”
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