With fewer deductions, the possibility of tax reduction has also been reduced. But still there are things to take care of.
How to reduce your sales loss
So much cabin can afford
You can have so much tax-free housing
How to tax the cottage
It’s time for tax returns, and you’re careful when you set yourself and your home you can reduce the tax with a few thousand flaps.
Start with the home’s equation value.
The percentage increase of this will be fixed in the state budget each year.
For 2009, the increase is set at 10 percent.
– Equivalent value should be taken into account, and if it exceeds 30 percent of market value, one must demand to put it down, says Dag Refling, Head of Investigation in the Homeowners’ Federation, to click. no.
Equal value and market value
The equivalent value of your home is therefore 10 percent higher than the 2008 value, but not higher than 30 percent of the market value, which according to Refling can be determined in three ways..
– You can get a house price, get a broker’s price assessment or you can base your sales of similar housing in the neighborhood.
Item 4. 3. 2 and 4. 3. 3.
The equation value, however, does not have the same “weight” anymore because it only has significance in determining the wealth tax.
The rule of taxation of personal housing was removed in 2005, therefore only the value of the tax deductions in the capital tax is significant, explains Refling.
For 2009, the base deductions were 470. 000 and 940. 000 kroner for individuals or spouses with felleseie respectively.
Refling is also advised to check that all interest on the home loan is included in the tax return.
In this context, one should also be aware that other debt costs, such as fees, are deductible.
Chapter 3. 3.
The owner of a holiday home abroad must note that the deduction options for debt rates will vary.
– Basically, a resident of Norway has a right to deduct debts when he or she owns a home abroad, explains Senior Tax Attorney at the Tax Directorate, Olav Ersland.. no.
– However, in cases where the tax treaty with the country in question implies that the foreign residence is taxable only in that country, full deductions for debt rates will not be deducted.
This means that the total debt and debt yield will be reduced according to the ratio between total gross assets and the value of foreign housing. And here you do not decide whether it is the foreign-home loan that is borrowed or if you only have debt related to, for example, student loans.
All liabilities and assets are aggregated. Do you have a total gross capital of 600. 000, including the foreign residence, which has a value of 200. 000, only two thirds of the total debt rates can be deducted from the equation.
A detailed description of the rules and the countries that provide limited deduction can be found on the Tax Administration’s pages.
Item 4. 6. 1.
No maintenance fee
When the rules were changed in 2005 and the tax deduction disappeared, the deductions for extraordinary maintenance were also removed..
– This is another rule many still believe applies, because we still have questions about this, Refling points out.
Gains on home sales
If you sold a property during 2009 you have probably either received a win or left with a loss.
The gain is tax-free if you have owned the residence for at least one year and lived in it for at least one year in the last two years.
It does not mean that you have owned the property for more than a year, you must also have lived in it for at least one of the last two years.
What you need to know in this context is the case where you buy a new home, move to this but can not sell the old one. If it goes more than a year before the old home is sold, any winnings will not be tax-free, Refling emphasizes.
Item 2. 8. 4.
Loss on home sales
The rules snuff on the head when it comes to loss of house sales. Then you can not have lived for more than a year to get tax deductions.
If you have owned it for more than a year, the loss can still be deducted if you have lived in the apartment for less than one year during the last two years you have owned it.
– One thing to be aware is that investments made on the home, such as a build-up, are to be deducted from the sales price, Refling expands.
Item 3. 3. 6.
The tax rules for rent were changed in 2008, which meant that the so-called half-year rule was removed.
If you live in parts of your home, tax exemption will be discussed briefly in the following circumstances:
- The owner uses at least half of the home for his own use, based on rental value.
- All or more of the property is rented for less than 20. 000 kroner in the income year.
If rental income is taxable, you are entitled to deduction for all operating expenses related to the unit. This includes maintenance, insurance and municipal fees.
In the case where one owns an apartment that is only used for rent, the rental income will be taxed fully, but less operating expenses.
Further details of the tax rules for rent can be found on the Tax Administration’s pages.
Here you can download the form called Annual settlement for rental, etc.. of real estate.
Item 2. 8. 2 and 3. 3. 12.
Both sale and rental of holiday homes are taxed differently than private homes.
Tax-free sales gain is given only if you have used the cabin for at least five of the last eight years, and that the cabin must be agreed sold at least five years after it was bought.
In case of a sales loss, this can be deducted if you have owned the holiday property for five years or less, or have not used it as your own leisure property for five of the last eight years before the sale.
For rental, the following rule applies for taxation: 85 percent of rental income over 10. NOK 000 is taxable.
Items 2. 8. 2, 2. 8. 3, 3. 3. 6, 3. 3. 12.
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