Real estate news

Conditions to be able to use the tax credit.

For the tax payer who intended to sell their property used as a first home to buy another enjoying the same facilities, it is interesting to know that it is a tax credit equal to the lower value of tax paid (VAT or registration tax) in relation to two facilitated purchases. In substance, this tax credit will be equal to the amount of the registration tax or VAT paid in relation to the first purchase, provided that this does not exceed the amount of VAT or the registration tax payable on the second purchase .

Once the amount has been set as a loan, we can now indicate what the conditions are to be used. In fact, whoever was in the aforementioned situation of sale and repurchase of a property to be used as a first home will be able to take advantage of this tax credit at the following conditions:

1. the purchase of the property object then of sale must have benefited from the first home facilities;

2. the repurchase of a residential building must take place within one year from the sale of the previous building;

3. The tax payer who repurchases the property must possess all the conditions to be able to take advantage of the first home benefits.

And how can this tax credit be used? Basically, the uses that can be made of it, as clarified in various circulars issued by the Revenue Agency itself, are as follows:

1. if the deed of purchase of the property does not discount the tax, the tax credit can be used as a reduction of the registration tax due and the willingness to use it will be clarified already

in the same act; the Inland Revenue has instead confirmed that otherwise, with a deed subject to VAT, the use of the deductible credit of the same will not be possible;

2. Decreasing the registration, mortgage and cadastral taxes, on the successions and donations deriving from deeds and complaints presented after the credit accrual date;

3. In compensation with other taxes due through the use of the F24 form;

4. A decrease in the income tax due from the first declaration following the new purchase.

However, in order to be able to use this credit according to the methods indicated in the last two points, it will be necessary to report this in the CR section, section II of the Income model, specifically in line CR7, dedicated solely to this credit. Otherwise, if used according to the methods indicated in points 1 and 2, nothing will have to be reported in the tax return.