Reported 11 months ago
The real estate market is booming this year, with over 110,000 building transactions in the first 4 months, the second highest in nearly 13 years. When swapping houses, homeowners need to consider tax implications, particularly in terms of the consolidated housing tax. By meeting certain conditions, homeowners can get a refund on the tax paid. The article explains that if swapping to a larger house, the entire tax paid on profits can be refunded, whereas swapping to a smaller one will entail a proportional refund. It is essential to complete the transfer within 2 years and ensure the property is used for residential purposes. Further details on the process and requirements are provided in the article.
Source: YAHOO