Houses are important assets for people, and they are also important for taxes. When people buy or sell a house, they have to pay the corresponding taxes and fees according to the law. However, if people sell a house that is the only one for the full five, then they can enjoy certain tax benefits and reduce the burden.
The only house with over 5 years of ownership refers to the only house in the name of the property owner. When this type of house is sold, it can be exempted from VAT and personal income tax, and only needs to pay stamp duty and transaction fees. VAT refers to the tax generated by the difference between the sale price of the house and the original purchase price, and personal income tax refers to the tax generated by the income earned after the sale of the house. These two taxes usually account for around 5% of the house price, and if they are exempted, they can save the seller a lot of money.
Stamp duty refers to the stamp duty on the house sale contract, and the transaction fee refers to the appraisal fee, notary fee, registration fee and other expenses in the process of house sale. These two costs usually account for about 1% of the house price and are borne by the seller and the buyer respectively. Both of these costs are unavoidable, but they are relatively low compared to VAT and personal income tax.
How do you pay taxes on the only house that is full of five?The specific steps are as follows:
The seller needs to provide the house ownership certificate, ID card, marital status certificate and other materials to prove that the house is the only house in the fifth year, and apply for VAT exemption and personal income tax.
The seller and the buyer need to sign a contract for the sale and purchase of the house, and pay stamp duty and transaction fees according to the price agreed in the contract.
Sellers and buyers need to go to the real estate transaction center to complete the transfer of ownership of the house.
The only house in Manwu is a special kind of house that can enjoy tax benefits and reduce the burden on sellers. However, the seller still has to pay the necessary taxes and fees in accordance with the law to ensure the legality and validity of the house sale.