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Self-assessment taxes on real estate
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In this short article, we at Avatar Solutions want to help you understand in a simple way what inheritance taxes are and how to calculate them.
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In the case of real estate (buildings or land) in the inheritance there are always mortgage, cadastral, transcription, stamp and transfer taxes to be paid in self-assessment at the same time as the inheritance declaration is filed.
With telematic transmission, inheritance taxes can be paid by debiting the current account in the name of the declarant Heir.
Self-assessment taxes depend on the income/value of the property: mortgage and cadastral taxes are proportional (2% + 1%) under the ordinary regime, fixed (€ 200 + € 200) in the presence of an heir who declares that he/she can take advantage of the ‘prima casa’ benefits (see note*)
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1st House’ requirements to qualify for benefits:
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- The subsidised property will not be sold before 5 years (unless it is bought back within one year of the sale, again with the subsidies)
- you do NOT own (or with your spouse) any other property for residential use located in the same municipality as the property benefiting from the relief
- one does NOT own, even in part, a property purchased with 1st house benefits, (unless this will be sold within one year of death)
- Being resident/moving residence within 18 months of death, in the same municipality as the property subject to relief
In the absence of the residency requirement, some specific cases are eligible: WORK requirements, Italians abroad, military members of the Armed Forces
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How much are inheritance taxes?
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The Inheritance Taxes (4%, 6% and 8%) differentiated according to the degree of kinship existing between the beneficiary and the deceased, calculated on the net value of the inherited portion of the entire estate minus any deductible*, will subsequently be sent to the Heirs.
*Franchise based on relationship
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Degrees of relationship for calculating inheritance taxes
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- Spouse, Heirs in the direct line (Children, Grandchildren ex filio, Parents etc.) (Pay only over € 1 million each)
- Brothers (Only pay over € 100,000 each)
- Disabled (disabled persons recognised as severely disabled under Law 104/1992)(Only pay over € 1.5 million each)
To lower the taxable amount of the estate, attach any liabilities (e.g. medical expenses, mortgages, bills of exchange, funeral expenses, business debts, debts arising from the employment relationship, debts to the state or public administration, sums owed to the divorced spouse).
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