Stay ahead of changes impacting
the financial accounting
and reporting of income taxes.
Deduction for houses related (2017)
13thFeb 2018
Written by Ji, Yun Sil
Translated by Park, Eun Kyung
1.Outline
Letme look through deduction for houses related in the year-end tax adjustment.
2.Deduction condition and amount
1)Income deduction for saving for purchasing a house
Condition
① Total salary under 70 million
② Householder who doesn't have a house(31st Dec the present).
③ Yearly payment: under 2,400,000 ( Ifspouse opened saving, it is not deductible)
Amount: Payment X 40%
Limit: 3 million
2) Rentingloan for house
Repaydeduction the principal and interest
① Citizen's house under 85 squaremeter.
② Householder who doesn't have a house
③ Loan within 3 months moving into newhouse on contract or notifying date in resident registration.
Deductionamount: Repay the principal and interest x 40% within 3 million
3)Interest repay deduction for long term security of house loan
① Under 400 million acquisition date
② Householder laborer
③ Retain house: 1 house
④ Loan within 3 months from housepossession registration
⑤ Repay period: over 10 years
⑥ Laborer own house + laborer's loan (not spouse's)
Deduction amount: interest repay amount
4) Monthly rent tax deduction
① Total salary under 70 million
② Householder who doesn't have a house
③ Citizen's house: under 85 square meter
④ Rent contract address and residentregistration address should be same
Tax deduction = min (Working period monthlyrent sum, 7500,000 won) X 10%
Prev | Transfer income tax, heavy tax for the multihousing owner | ||||
---|---|---|---|---|---|
Next | Inheritance and bestowal of medium and small firm |