“Now, even one homeowner cannot be free from real estate tax. If you leave it unknowingly, you may incur tens of millions of won and hundreds of millions of dollars in tax, so tax study is essential.”
Shinhan Bank’s real estate investment advisory center manager Woo Byung-tak, who has become a star tax accountant due to the ragged real estate regulation, said, “Tax accountants should also be mindful of the frequently changed tax laws and study, but they will not make mistakes. It is very dangerous to have it,” he said on the 1st.
Last year, as government regulations that tightly tightened all stages of real estate transactions such as transfer tax, acquisition tax, and possession tax were poured out, team leader Woo also spent a “year of studying harder than when preparing for the tax accountant exam”. In the past year alone, real estate-related tax laws have changed 22 times.
As such, the number of consultations from customers who were struck by a’tax bomb’ without grasping the complex tax regulations at the site was reduced. Multi-homed and single-homed People with housing without exception complained, “I don’t know what to start with because the tax is too complicated.” Manager Woo said, “As it is complicated, a huge tax can be incurred by’one gap’. For beginners in real estate transactions, tax study is more essential than investment destinations.” Recently, I published a summary of the real estate tax common sense, “Real estate tax reduction starting from one apartment,” thinking that “every citizen should know tax now”.
As the ownership tax rose, it was a year that realized the effect of tax savings. A customer who owns three houses in the name of her husband saved 23 million won in tax through tax savings consultation. This customer was in a situation where he had to pay a holding tax of about 50 million won due to the strengthened taxation last year. However, through consultation on tax savings, he gave his wife a house in the area subject to adjustment. At the time of donation, the spouse was deducted up to 600 million won, and the gift was completed before the 12% increase in the gift acquisition tax (last year’s August 12th), and 3.5% acquisition tax was applied. Manager Woo said, “If you consider the future transfer tax reduction, there is a tax saving effect of more than tens of millions of won,” he said. “There is a significant difference in cost when you know and respond to the tax like this.”
Since 2008, Shinhan Bank’s real estate investment advisory team has provided tax consultations for 2,000 customers nationwide. He emphasized that “the beginning of tax savings comes from the cleanup.” In addition to real estate registration rights, contracts, construction receipts, financial transaction details, and real estate receipts are more important. “In order to find out where I stand in the complex flow of tax laws, the first priority is to organize property information.” “I usually buy several files and organize related documents for each item, and start with basic matters such as balance and registration date every year. “It is necessary to print out individual public land prices, store and organize them.”
The government plans to raise the publicly announced land price in line with the market this year as well. As such, if you own a house, you are worried about the increase in tax burden. The tax saving strategy also differs depending on the number of homes held.
Manager Woo emphasized that in the case of one-household, “the actual residency and retention requirements that can be subject to the transfer tax exemption this year are becoming more complex, so from now on, you must plan carefully from acquisition to transfer.”
It is a diagnosis that multi-homed people are in a situation to be careful about investment or short-term investment. Manager Woo advised, “After June 1 of this year, the multi-household heavy duty will be stronger. If it does not suit your circumstances, you should consider organizing those that have no future value before the heavy taxation is further strengthened.” The same goes for the ownership tax. “No matter how much (real estate) prices go up, if the household’s cash flows can’t afford the tens of millions of won and tens of millions of won’s holding tax, you have to think about organizing it.
In the case of a single high-priced homeowner, “It is true that the tax burden has increased, but if the person is near 60 years of age or has a long-term holding for more than 5 years, there is a deduction. When doing so, you have to consider the joint name of the couple. In the joint name of the couple, there is an option to select the tax in the same name as the final tax, and the transfer tax is more advantageous,” he explained.
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