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Entry 2020.09.17 13:06 | Revision 2020.09.17 13:12
The National Tax Service announced on the 17th that as the home tax law is revised and interest in related content increases, it would post useful materials on its website that can answer questions.
Furthermore, in cooperation with related ministries such as the Ministry of Strategy and Finance and the Ministry of Public Administration and Security, the capital gains tax and the comprehensive property tax were created, which arouse the curiosity of taxpayers and tax representatives. in the form of ‘100 questions and 100 answers’.
Useful materials are posted on the National Tax Service homepage and home tax, and a search convenience function is also included, so if you click on the table of contents, you can go to the part that interested and verify the content. An official from the National Tax Service said: “If you have further questions, you can contact the National Tax Consultation Center and the tax department of each local government for information.” Below are the main contents of the query cases that have received many queries.
-If you currently have 1 house and 1 right of sale, do you include the right of sale in the number of houses when calculating the number of houses?
“The pre-sale rights that you currently have are not included in the number of houses, but are included in the number of houses of the pre-sale rights newly acquired after January 1, 2021.”
-What will happen to the capital gains tax rate if the pre-sale right held for two or more years is transferred in the unadjusted area after June 1, 2021?
“In the case of transfer of the sale immediately after June 1, 2021, regardless of whether the area is subject to adjustment or not, the tax rate of 60% will apply even if it is maintained for more than two years.”
-1 What happens to the capital gains tax burden if a homeowner purchases a new home after December 17, 2019 and moves into a new home immediately, but transfers the old home one year after acquiring a new one?
“After December 17, 2019, the temporary tax exemption for one family and two households applies only when the move-in requirements and overlapping retention period requirements are met. In the case of transferring to a new home but transferring the one after one year, the temporary tax exemption for a family of two households. In this case, the capital gains tax is excessive as a person with multiple households and special long-term holdings do not apply. “
-How will the tax burden on capital gains change as the requirement of a period of stay is added to the special deduction for long-term ownership of a high-priced home, house and dwellings?
Currently (from January 1, 2020 onward the transfer), a maximum deduction of 80% is applied for those who have lived for more than two years, but as of January 1 of next year a deduction rate of the 8% annually. The calculation is divided into 4% per year. If you do not live, a maximum deduction rate of 30% applies. “
-Are there tax incentives available during the rental registration period for short-term rental houses and apartments that are abolished by the revision of the Special Civil Law?
“If you meet the rental requirements, such as a 5% upper limit on rent during the rental home registration period, it is possible to get tax benefits.”
-If House No. 1 is released on September 1, 2020 in the area subject to adjustment while 2 houses are maintained in the area subject to adjustment, does the general tax rate apply?
“The determination of the area subject to adjustment is applied as of June 1, the tax base date. In 2020, it corresponds to two houses in the area subject to adjustment, and in the case of property taxation in 2021, it is equivalent to two general houses ”.
-If the couple owns 50% of each house in the area subject to adjustment, the number of houses is determined.
“Comprehensive property tax applies to two houses in the area subject to adjustment because the tax rate applies even if they only own the house, even if they own the house.”
-Does the upper limit on itemized charges apply to corporate-owned homes when calculating home tax in 2021?
“For groups that view the home tax rate as a corporation or corporation subject to a flat tax rate of 3% or a flat tax rate of 6%, the upper limit of the itemized charges will not be applied when calculating the property tax comprehensive for housing from 2021 “.
-If the rental ceiling of the rental housing is violated (5%), the rental housing will not be subject to the combined exclusion in the future.
“If you violate the 5% rental limit, you will be excluded from the combined exclusion for the year of the violation and the following year (a total of 2 years).”
-The tax base of the income from rental of houses.
“Taxable housing rental income applies to owners of two or more houses with monthly rental income and owners of three or more houses whose total amount of deposits, etc., exceeds KRW 300 million. However, they own a house with a base market price above KRW 900 million and a foreign house and the monthly rent. In the case of rental income, the homeowner is also taxed. In the case of three houses, small houses with a residential area of less than 40m2 and a base time of 200 million won or less are excluded from tax until 2021. “
-How to report home rental income.
“Home rental income is regulated as business income in the Income Tax Law, and income tax must be declared and paid from May 1 to 31 of the following year. 6 cases in which a company subject to verify honesty reports submit a sincerity report. You can pay by the 30th of a month. If your total home rental income is less than 20 million won, you can choose between comprehensive taxes and separate taxes (tax rate of 14% ). It should be.”
