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Korean tax law - tax on real estate inheritance

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작성자 최고관리자 댓글 0건 조회 168회 작성일 19-01-26 14:36


The real estate price that the government announces and announces about the representative land and buildings of the whole country annually is called the announcement price. In the case of housing, it is 80 ~ 90% of the actual transaction price and is used as the calculation standard of property tax and general tax. This year's standard housing price announced yesterday was the highest ever recorded. The dispute is on the way with the inspection now, and the announced price of individual houses and apartments will be announced in April.
It is expected that the standard single-family home prices will rise by 9.13% nationwide and 17.75% by the end of this year. In the case of apartments such as apartments, the price reflectivity itself is unlikely to change much, but the price increase in last year will be reflected positively. As a result, It looks pretty big
Today, I will have time to learn about property tax. As we all know, the inheritance is the inheritance of the inheritance to the heirs. The inheritance tax is called inheritance tax. The inheritance tax is levied at the time of death of the owner at the tax rate determined by the standard table of the real estate market and property. Inheritors such as direct survivors and spouses must pay the inheritance tax by a fixed amount according to the standard table, and if the inheritance is inherited, the acquisition tax must also be paid together.
Real estate inheritance tax and gift tax difference

Inheritance and inheritance are similar in that they inherit property. That's why people use them without thoroughly distinguishing between them. However, there is a real difference between estate inheritance tax and gift tax!
In the case of real estate inheritance tax, the rights and duties of real estate held by a deceased person are inherited to the heir. There is a clear difference from the bestowal in that it presupposes death. In the case of bestowal, it is done when it is alive according to the will of the presenter. And the gift tax is an obligation to pay the gift tax when the property is acquired by the person who inherits the property.
Inheritance tax ranking
1) First rank - Direct lineage and spouse
2) Second rank - Direct survival and spouse
3) Third place - siblings
4) Rank 4 - Within the Borderline
- If there are multiple heirs of the same rank, heirs who are closest to the heir are first heirs. If several heirs have the same heights, they are jointly inherited.

Inheritance tax rate
1) Less than 100 million won - Tax rate 10%, no advance deduction
2) Less than 500 million won - Tax rate 20%, progressive deduction 10 million won
3) Less than 1 billion won - Tax rate 30%, progressive deduction 60 million won
4) Less than 3 billion won - Tax rate 40%, progressive deduction 160 million won
5) Over 3 billion won - Tax rate 50%, progressive deduction 460 million won
Report inheritance tax
1) Statutory filing deadline: Within six months from the last day of the month in which the inheritance start date belongs
2) Documents to be submitted: Documents to prove the facts of inheritance tax taxation standard declaration and voluntary payment statement, inheritance property statement and evaluation statement, misdemeanor funeral expenses debt, certificate of family relationship of the heirs and heirs, Payment documents, dividing in inheritance property, dividend statement of inheritance and evaluation statement etc.
To save tax on inheritance tax
Advance real estate advocacy refers to the granting of the property to a person other than the heir or heir in the life of the property. It is easy to say that the real estate is handed down when it is alive, but it can be transferred to the next generation through advance granting considering the burden of the inheritance tax which is concentrated at the time of sudden death.
In recent years, housing donations have increased significantly, especially among real estate donations. So there are a lot of people who know in advance to save the inheritance tax. The gift tax has a great economic benefit to reduce the tax. And, depending on the method and timing, the tax is very different.
Therefore, it is better to make advance gratuities for taxation of inheritance tax. In order to achieve the tax deduction purpose, it is desirable to plan ahead and prepare for time.

#Koreantaxlaw #realestate #inheritancetax