Rent tax
Vera Mikhailova asks:
Does the realtor have the right to withhold part of the income from renting a house to cover an annual tax without the consent of the owner of the property? Citizens of Russia should file a declaration on income from rent in the US, despite the existence of a treaty on avoidance of double taxation? The declaration is prepared independently or is it the responsibility of the realtor to prepare it, reducing taxable base as much as possible? Is there a fee for preparation of the declaration? Which one? What is the filing deadline
Expert answers (1)
Dear Vera Mikhailovna,
The realtor is NOT entitled to withhold part of the income from renting a house to cover the annual tax without the consent of the owner of the property, moreover the realtor has nothing to do with paying the annual tax, the annual income account comes by mail to the specified address of the landlord. If a real estate management contract is entered into, the landlord may ask the management company to pay his bills, including real estate tax.
Citizens of Russia must file a declaration of income from rent and pay tax, if they filed a declaration and paid taxes in Russia, they must provide evidence.
Preparation of the declaration is handled by an accountant, a realtor can only provide a report on income and expenses (in the event that there is a contract for the management of real estate). To reduce the taxable base is possible only if there is confirmation of all expenses, the tax can at any time ask you for proof.
Submission of the declaration once a year, not later than April of the month. Payment for the preparation of the declaration can vary from $ 50 and up, depending on the volume and type of real estate.
Yours faithfully,
Victoria Shapa
The realtor is NOT entitled to withhold part of the income from renting a house to cover the annual tax without the consent of the owner of the property, moreover the realtor has nothing to do with paying the annual tax, the annual income account comes by mail to the specified address of the landlord. If a real estate management contract is entered into, the landlord may ask the management company to pay his bills, including real estate tax.
Citizens of Russia must file a declaration of income from rent and pay tax, if they filed a declaration and paid taxes in Russia, they must provide evidence.
Preparation of the declaration is handled by an accountant, a realtor can only provide a report on income and expenses (in the event that there is a contract for the management of real estate). To reduce the taxable base is possible only if there is confirmation of all expenses, the tax can at any time ask you for proof.
Submission of the declaration once a year, not later than April of the month. Payment for the preparation of the declaration can vary from $ 50 and up, depending on the volume and type of real estate.
Yours faithfully,
Victoria Shapa
24.09.2018
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