The limit on the tax deduction when buying a home in Russia was proposed to be increased by 30%

The bill, which provides for a 30% increase in the tax deduction limit for home purchases and 25% for mortgage payments on Thursday, November 3, should be submitted to the lower house of parliament by deputies from the LDPR faction in the State Duma. The Russians also want to give the opportunity to receive such a deduction an unlimited number of times.

The authors of the bill refer to the current procedure. The tax deduction is paid in the amount of expenses actually incurred by the taxpayer for new construction or the purchase of one or more property objects in the country, not exceeding 2 million rubles, as well as in the amount of expenses that the taxpayer actually incurred to pay interest in accordance with the loan agreement (credit ), but not more than 3 million rubles, writes TASS.

When buying real estate, the amount of the tax deduction cannot be more than 260 thousand rubles, even if the housing cost more than 2 million rubles, and for the interest paid on the mortgage – no more than 390 thousand rubles, even if the person spent more.

The size of the tax deduction for the purchase of housing was established in 2013, but housing prices in the Russian real estate market in all regions are growing at a high pace, notes one of the authors of the project, Yaroslav Nilov. He points to the incomparability of the size of the tax deduction and the market value of housing. In this regard, in the explanatory note, the material support measure was called “practically ineffective” in order to pay off the mortgage on time and buy suitable real estate.

The authors of the initiative proposed to increase the property tax deduction, which is due to the cost of buying or building housing, from 2 to 3 million rubles. Property tax deduction in the amount of interest expenses actually incurred by the taxpayer under a loan (credit) agreement, from 3 to 4 million rubles.

They want to allow taxpayers and receive a tax deduction for each purchased property in an amount that does not exceed 3 million rubles. for each object of property, and not once in a lifetime.

In the same way, it is proposed to change the receipt by taxpayers of a tax deduction for the payment of interest under a loan (credit) agreement in the amount of no more than 4 million rubles. for each property.

Previously, wrote about how get a tax deduction for an apartment in 2022. And also how to do it in a simplified manner.

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