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US News Taxation of rents: choosing the right tax system

13:25  21 october  2020
13:25  21 october  2020 Source:   rmc.bfmtv.com

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The Russian Tax Code (Russian: Налоговый кодекс Российской Федерации) is the primary tax law for the Russian Federation. The Code was created, adopted and implemented in three stages. The first part, enacted July 31, 1998, also referred to as the General Part

Transfer of the right to cut standing crop and felled timber. Taxation , tax system . You are here. Home Private client Declaration of income Taxation of natural person’s income from rent sinc Since 2016 a natural person may deduct twenty per cent from the income from rent for covering the

Imposition des loyers : bien choisir son régime fiscal © bongkarn thanyakij / Pexels Taxation of rents: choosing the right tax system Taxation of “real” rents should be preferred if work has been undertaken in the housing.

The withholding of property taxes, via a special system of automatic installments, does not change anything: in the spring of each year, you must declare your final receipts to the tax administration, which proceeds with the regularizations which emerge in the following months. By default, rents are subject to the so-called “microfoncier” tax system, but it is possible to opt for the “real” system to be declared, admittedly more complex to set up, but much more advantageous if you bear heavy costs. , and in particular in the event of major work carried out.

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Neutrality: Will the deduction provide evenhanded tax treatment for all economic activities, or will it create tax preferences for certain forms of income? Economic Efficiency: Does the structure of the deduction encourage business investment and growth, or is it unlikely to have a large economic effect?

Taxation is a term for when a taxing authority, usually a government, levies or imposes a tax . The term " taxation " applies to all types of involuntary levies, from income to capital gains to estate taxes . Though taxation can be a noun or verb, it is usually referred to as an act; the resulting revenue is usually

Rental income: do not omit arrears of rents received and insurance indemnities

With the exception of rents from furnished properties, declarable in the category of industrial and commercial profits, all rental income collected during the year past, whether they come from empty housing, parking lots, office or commercial walls, are to be declared in the classic category of property income. This is of course net rents, less charges. But be careful not to forget anything: arrears of rent from a previous year, compensation received from unpaid rent insurance and renovation aid from the National Housing Agency (Anah) are also to be declared. Conversely, as the security deposit requested from the tenant is not taxable, it does not have to be entered in your declaration.

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How tax deductions and tax credits work, when to itemize or take the standard deduction Parenting money tips Choosing the right budget system How to lower your energy bill How to A deduction cuts the income you're taxed on, which can mean a lower bill. A credit cuts your tax bill directly.

Currently, federal taxes include VAT, excise taxes , profits tax , individual income tax , mineral extraction tax , State duty, special tax regimes, and several There are five types of special tax regimes that may be applicable to certain activities and/or categories of taxpayers: single agriculture tax , simplified

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Microfoncier regime: the tax authorities apply a reduction of 30% on the amount of declared rents

This is the simplest declarative regime. The only requirements to have access to it: that the rents of your tax household do not exceed 15,000 euros per year and that you do not own any property eligible for old tax regimes (Cosse, Besson, Robien or Borloo) or classified as a historic monument. The microfoncier is thus applicable in the old classic and within the framework of the tax exemption laws Pinel and Malraux . All you have to do is report the amount of your rents on the ordinary form (2042) to obtain a standard deduction of 30% (operated by the tax authorities on the declared amount), supposed to cover your expenses. The balance of 70% is added to your other income and subject to tax and social security contributions at 17.2% (the following year, part of the CSG paid, equal to 6.8%, will however be deducted from your taxable income). Note that if your rents come exclusively from a real estate company, such as SCPI, they must be declared under the “real” regime, the microfoncier being authorized only on condition of having directly at least one unfurnished rental accommodation.

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A good tax system is one where the taxes are well understood by the payers and collectors. In complying with the canons of taxation , taxes may be characterised as proportional, progressive or Rent derived by a person whose business is wholly or mainly the holding or letting of property.

The features of tax systems that exist in the real world have been forged through a combination of revenue requirements, political pressures, responses to taxpayer avoidance and evasion, lobbying, and other processes that any operating tax system would eventually have to face.

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Real regime: charges that have not been recovered from the tenant are deductible

Applied automatically if your rents exceed 15,000 euros per year, the real regime can also be chosen instead of the microfoncier. Advantage, it allows the deduction of charges not recovered from the tenant: management, insurance, interest on the loan, property tax, most of the repair work (see above). If the total exceeds the 30% reduction in the microfoncier regime, which will be the case if you are doing work, it is in your interest to opt for the "real" (it will then apply for a minimum period of three years).

Land deficit: it is attributable to the global income of the lessor up to 10,700 euros per year

Additional advantage of the “real” regime, if a deficit appears - the charges exceed the rents - it can be deducted from your overall income , to the tune of 10,700 euros per year, thus boosting the yield by 1 to 2 points. In practice, you have to fill out form 2044 and determine your taxable income yourself by deducting the charges recorded from your rents.

The repairs carried out by the lessor are not all allowed as a deduction

Notice to investors who have opted for the real system: certain works are not allowed as a deduction and therefore cannot create a deficit attributable to the overall income. The first concerns are construction, reconstruction, or expansion (whether the latter results in the creation of additional volume or the increase in surface area). Expenses paid but supposed to be the responsibility of the tenant (we speak of “recoverable” charges) are also excluded from the device, except in the case of repairs carried out before entering the premises of the occupant, or if the lease expressly provided for this assumption of responsibility.

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