There are different situations when you need to sell a recently purchased apartment. Life circumstances have changed, a more interesting object has turned up, the apartment was originally bought for renovation and resale at a more favorable price - these are just some of the reasons why it may be necessary to sell real estate after its purchase. Let's consider whether you can legally sell a newly purchased apartment and what taxes you will have to pay.
Is it possible to sell an apartment immediately after purchase
Each owner has the right to dispose of the property at his discretion, if there are no legal restrictions. That is why it is possible to sell an apartment immediately after purchase, and it does not matter when - in a day, a month or a year. There are no restrictions on the resale of an apartment within a certain period of time after purchase.
An owner planning to sell a home must understand the financial risks he or she may incur due to his or her actions. If we take into account the need to pay taxes, it is more profitable for the seller to wait 3 years before selling the property. But not everyone has the opportunity to wait that long. Sometimes it is easier and more expedient to pay taxes and sell the apartment at once than to wait several years. In addition, the situation on the market may not change for the better during this time.
Taxes when selling an apartment
When selling an apartment, the list of taxes depends on the specific situation, i.e. there are strictly mandatory and variable taxes. Mandatory taxes must be paid in any case, variable taxes arise only under certain circumstances.
So, mandatory taxes when selling an apartment:
- a fee to the Pension Fund of Ukraine in the amount of 1% of the value of the real estate specified in the contract of sale;
- state duty in the amount of 1% of the value of the apartment.
Several categories are exempt from paying the state duty. These include persons with disabilities of group 1-2, persons with disabilities as a result of World War II and families of warriors who died or are considered missing, as well as victims of the Chernobyl accident. All others are obliged to pay the state duty and a fee to the PFU regardless of the period of ownership of the apartment.
Variable taxes are influenced by several factors:
- How long the property has been in the seller's possession;
- whether the apartment was purchased in that calendar year;
- whether the seller is a resident of the country.
The first point is one of the most important. According to the Tax Code of Ukraine, real estate is considered recently purchased if it has been in ownership for less than 3 years. When selling such an object, additional tax liabilities apply, namely:
- personal income tax in the amount of 5% of the amount specified in the contract;
- military levy in the amount of 1.5% of the value of the residential property.
These additional taxes may be the deciding factor not to sell the property and wait for 3 years.
To sort out your situation and understand what taxes you will have to pay when selling an apartment after its purchase, and what you can avoid, it is worth contacting the real estate agency "Mayak". Realtors will help you quickly find a buyer and sell your apartment profitably, and lawyers will help you understand all the nuances of tax payments and paperwork.
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