What happens if you sell your house before 5 years of purchase?
If you want to sell a property before 5 years from the purchase , you will lose the right to the concessions obtained and you will have to pay the tax authorities all the unpaid taxes (i.e. the difference between the registration, cadastral and subsidized mortgage taxes paid and those that would have had to be paid without concessions), a 30% surcharge on unpaid taxes and a tax on any capital gain if the property has not been used as a main residence for oneself or for one’s family members for the period between the purchase and the sale https://www.thehouseguysdc.com/we-buy-houses-dundalk-maryland/
However, the concessions are not lost if, within a year of the sale, a new property is purchased or received as a donation to be used as a main residence , or if a piece of land is bought on which – again within a year of the sale of the first home – one builds a new property that becomes to all intents and purposes a first home.
If you do not intend to buy a new home, to avoid the surcharge, within one year of the resale of the property purchased with the concessions, you must notify the Revenue Agency of the sale, submitting an application where you communicate that you do not want to buy a new home and the reliquidation of the tax is requested.
With this procedure, the Agency notifies the notice of payment of the tax that should have been paid for the first purchase with the relative interest (starting from the signing of the purchase) without however disbursing the penalties. In this way you pay only the difference between the tax paid at the time of purchase and that due, plus interest.
Despite more than half of Italians relying on a real estate agent, there remains a portion who choose do-it-yourself to save commission, that is, very often take pictures with their mobile phone, publish announcements on all real estate portals, wait for the miracle and when it doesn’t, it starts lowering the price.
Let’s be honest: have you really decided to take on all the problems, anxieties and stress that a real estate sale entails?
Wouldn’t it be better to delegate someone who knows how to manage stress, anxiety and the huge amount of information and documents that every real estate sale requires?