TAXATION AND TAX CONCESSIONS FOR THE PURCHASE OF A RESIDENTIAL REAL ESTATE.

The taxation imposed at the purchase of the habitation is divided into two groups: the purchase of the first home and the purchase without tax concessions "first home".

The preconditions for the tax concessions

In order to benefit by the tax concessions "first home", it is necessary to satisfy the following conditions:

• The real estate must be located:
  1. In the territory of the municipal area where the purchaser is resident;
  2. In the territory of the municipal area where the purchaser will be resident within 18 months from the purchase (the declaration of this will is expressed, on pain of decadence, in the purchase act);
  3. In the territory of the municipal area where the purchaser works;
  4. In the territory of the municipal area where, if the purchaser has been transferred abroad for employment reasons, the employer for whom the purchaser works, has the head office or carries out their business.
• If the purchaser is an Italian citizen emigrated abroad (registered to the Aire), the purchased real estate must be the "first home" owned by the purchaser on the Italian territory.
• In the purchase act the purchaser must declare that he/she is not the exclusive owner or proprietor in common with the consort, of the right of ownership, of usufruct, of use or right of occupancy of another house of habitation in the territory of the municipality in which the real estate purchased is situated.
• In the purchase act the purchaser must declare to be non holder, even by shares or legal regime of community, on the whole national territory, of the right of ownership, of usufruct, of use, right of occupancy or bare property of another house or habitation purchased by the same subject or by the consort with the tax concessions for the first home.

Decadence of the tax concessions

The "first home" tax concession will be revoked if:

• The statements required by law and the deed made ​​by the purchaser prove false.
• The habitation purchased with the tax concessions is transferred (either by onerous act or by free act) before the term of 5 years from the date of the purchase.

In this case the IRS recovers the tax registry, mortgage and land to the extent of common stock and applies a penalty equal to 30% of those taxes, plus interest.

There is no decadence if the ratepayer purchases another real estate to use as main habitation, within a year from the alienation of the real estate purchased with the "first home" tax concessions.

Tax credit

The purchase of a new habitation within a year from the selling of the previous habitation, causes the tax credit. More precisely, the necessary conditions in order to benefit by this condition are:

• The new habitation must be purchased within a year from the sale of the previous habitation.
• The previous habitation must have been purchased with the "first home" tax concessions.

The tax credit is equal to the registration tax or value added tax paid when purchasing the house sold in less than a year compared to the new purchase, but not in excess of the tax due at the new purchase.