Is it possible to tax the house that my parents handed over? Zipconomi TV

▷ Lee Seung-Hyun, Jinjin Tax Accounting Representative, Representative Accountant
Hi. This is Seung-Hyun Lee, Accountant of the Savings Byeonggi Act Today, I’m going to talk a little sad. I’m going to talk a little bit about inherited housing.

First of all, you need to know the difference between inheritance and gift. Inheritance and gifting are both an act of receiving property for free. However, inheritance is said to be an inheritance when your parents pass away your property. Giving property while you are alive is called a gift.

It can be seen that inheritance is caused by such an event that we did not predict. For that reason, even when taxation is applied for one household for one household, there is a special provision that excludes these inherited houses from the number of houses.

Let’s take an example. We, Mr. A, previously had a house with one household and one house. Then, if you own this house for more than two years and sell it, you can be tax-free. But before selling this house, the parents passed away and the house was inherited. Then, the number of houses increases from 1 house to 2 houses.

So, under the tax law, if there was an existing house and an inheritance house was added, the existing house is tax-free whenever it is sold. Inheritance houses are excluded from the number of houses. It also keeps you excluded without a time limit.

Instead, there are things you need to be careful about when judging the tax exemption for inheritance housing. First of all, selling an inherited house first is not tax-free. You must sell the house you had before inheritance to receive tax exemption.

And just because an inherited house doesn’t mean that all tax laws recognize it as an inherited house. The inheritance housing subtracted from the number of houses must be obtained from a separate household member. If you are a member of the same household at the time the inheritance commences, it is not considered an inheritance house. It is imperative that you and I have separate households, and only those houses that have been inherited due to the death of their parents are considered as inherited houses. You must remember that point.

Even if you are a member of the same household and inherit an inheritance, there are cases in which it is considered as an inherited house with exceptional exceptions. There may be cases in which one of the parents is over 60 years old, and each child has one house for each other, and then they are added together for support. In the case of having one house and adding one, living together and deceased, in such cases, even if the household is the same household, it is recognized as an inheritance house.

And the second. When your parents die, you can leave only one house, but you can have multiple houses and inherit multiple houses at once. In that case, not all of them are considered as inherited houses. The one that the deceased possessed for the longest time, and only that one, is considered an inheritance house. You must remember it.

And when I inherit it, it would be nice for me to receive the entire house, but siblings, spouses of parents, and such people also have the authority to inherit. So, there are cases where they are jointly inherited as a share. If you receive it as a share, it is called a joint inheritance house.

This joint inheritance house is regarded as the house of the person with the largest share and the person who inherits the most share. So, if I only have a small number of shares, this inheritance house will continue to be subtracted from the number of houses when judging tax-free. In short, the minority stake in the joint inheritance house is the same as without this house.

But suppose that all the heirs received the same share. I have three children, and one-third of them have the same joint inheritance. Then, the person living in the house at the time of inheritance is considered to be owned by that person. If the house wasn’t lived at the time of the inheritance, it is considered to be the oldest man’s house.

I looked for tax exemption when selling other houses besides this inherited house. What if I sell the inheritance house first? I told you that if you sell the inheritance house first in the state of two houses, it is not taxable. Then, since it is not tax-free, will heavy tax apply if this inherited house is in the area subject to adjustment?

It is not. In inheritance housing, there is a strict and exclusion rule that prevents capital gains tax from being heavily taxed within 5 years of inheritance. When selling, inheritance housing can be sold under general tax, even if it is an area subject to adjustment.

How to calculate the capital gains tax when selling inheritance houses? First of all, when you receive an inheritance, the amount declared for inheritance tax becomes the acquisition price of the inheritance house. If there is a trading case price, the trading case price is used. If there is no trading case price, the appraisal value. If there is no appraisal value, the standard market price, which is the published price, is required.

In the case of detached houses, there will be no sales cases around them. And there would be no appraisal, especially if I didn’t appraise me. Then, the acquisition price is determined with the next base market price.

However, the market price is about 500 million, for example, but the standard market price is often 200 million or 300 million. In that case, if we report at the base market price or do not report inheritance tax, the base market price is automatically the acquisition price. So later, when I try to sell the inheritance house, I sell it for 500 million, but the acquisition price is only 200 million and 300 million, so you can see a case where a lot of transfer tax comes out.

If you sell the inheritance house first and are taxed, it is better to report the amount according to the market price through appraisal at the time of inheritance. If the appraisal was received at 500 million won and the inheritance tax was reported at 500 million won, the capital gains tax will disappear even if the house is sold for 500 million won later.

Today, we looked at the special provisions related to inherited housing when we inherited a house. When you receive an inheritance, there is usually no situation. So it’s difficult to check these rules. I hope that you will familiarize yourself with these rules in advance and help you save money in deciding the order of selling or such. Until now, I was an accountant Lee Seung-Hyun of the Savings Byeonggi Act. Thank you.

plan Zipconomy TV Executive Cho Seong-geun Director of Construction and Real Estate
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