What income tax do you have to pay?
Most often, this tax is hidden behind the abbreviation personal income tax and, as the name implies, is paid on the income you receive. It can be:
- salary or fees;
- income from the sale of securities;
- money from renting out real estate;
- income from the sale of an apartment or car (there are exceptions, more about them below);
- winning the lottery;
- prizes and gifts from companies and individual entrepreneurs worth more than 4 thousand rubles;
- real estate, car or securities received as a gift not from close relatives.
Some income is exempt from personal income tax. These include benefits, pensions, scholarships, repaid debt, property and shares received as a gift from close relatives or by inheritance, income from the sale of a car and apartment that you owned for more than three years, and so on. If you have several properties, you will have to wait five years from the date of purchase to sell each of them tax-free.
In addition, you can receive tax deductions to reduce the amount that is subject to personal income tax. For housing, this is the price at which you purchased it, or 1 million rubles. Tax will have to be paid only on the difference between income and the deduction amount. For a car it is 250 Article 220. Property tax deductions of thousands.
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