First home discounts, more time to sell without losing the bonus

07/07/2020 – Due to the difficulties that the health emergency caused in the conclusion of real estate sales, those who bought a house with the ‘first home’ facilities will have more time to complete the obligations and not lose the benefit.

To remind the Revenue Agency through the mail of FiscoOggi in which it responds to a taxpayer who has purchased a new home with first home tax breaks but has not yet managed to sell the previous one.

First home discounts: more time for fulfilments

The Agency recalled that art. 24 of DL 23/2020 has ordered the suspension of the terms provided by the legislation on “first home” facilities, to avoid the forfeiture of the same due to the coronavirus.

In particular, the decree has suspended for the entire period between February 23 2020 and December 31 2020 the terms for carrying out the necessary obligations for the maintenance of the “first home” benefit and for the recognition of the tax credit for the repurchase of the first home.

This suspension also applies to the deadline of 18 months from the purchase of the first house in which the taxpayer must transfer the residence to the municipality where the home is located.

These terms will then either start or resume in from 1 January 2021.

Among the suspended terms there is also that of a year within which the taxpayer who purchased a property, to be used as a main residence, he must sell the house still in his possession, provided that the latter was in turn purchased by taking advantage of the first home benefits.

Facilitation for first home purchase: what it is

Recall that the facilitation for the purchase of the “first home” allows you to pay reduced taxes on the act of purchasing a home under certain conditions.

Those who buy from a private individual (or from a company that sells VAT-free) must pay a registration tax of 2% instead of 9%, on the cadastral value of the property, while the mortgage and cadastral taxes are paid each in the fixed amount of 50 euros.

If instead the seller is a company with a sale subject to VAT, the buyer will have to pay the value added tax, calculated on the price of the sale, equal to 4% instead of 10%. In this case, the registration, cadastral and mortgage taxes are paid in the fixed amount of 200 euros each.