Taxes for those who sell the second home

Here is another of the most frequently asked questions related to taxes: but if we sell the second home do we have to pay taxes? Don’t panic: here too we have the answers ready for you! When you sell your second home producing a profit, two possible scenarios open up:

  • If the second home has been purchased for more than 5 years, no type of payment will be triggered
  • If the second home has been purchased for less than 5 years, the capital gain generated by its sale for consideration will be subject to tax

Now let’s see together are the taxes on the sale of the second home. The income generated can be taxed in two different ways. The first solution is ordinary taxation, which makes the income obtained from the sale of the property merge into the tax return among the “other income”. The second method is separate taxation, which involves the application of a substitute tax of 26%, often cheaper than ordinary taxation.

As you can see from the table of the tax brackets, those with an income exceeding € 15,001 will pay a higher rate (starting from 27%) than that provided for by the separate taxation system which, as we have seen, is equal to 26%. If it comes to the estimate tax refund then you will have to come up with the right calculator.

Notary fees: who do they fall on?

According to law, the purchase and sale costs relating to a property are borne by the buyer, unless otherwise agreed. The rule refers, specifically, to the costs for the stipulation of the public deed and its subsequent copying in the real estate registers.

How much does the notary cost for house sales? There are four notary fees related to the purchase of a property:

  • The cadastral tax of 50 €
  • The registration tax equal to 9% of the cadastral value of the home
  • The mortgage tax of € 50

The value added tax, which ranges from 4% for the first home to 22% for the purchase of a luxury property.The remuneration due to the notary and the consideration for the constitution of the public deed fall on the pockets of the buyer who usually takes care of the choice of the notary himself.

However, the rule allows the parties to insert a written exception in the sales contract. You can then add a clause that establishes the fair division of expenses between buyer and seller, or entrust the entire responsibility to the seller.

Inherited properties

Inheriting real estate is often a great fortune, but it can happen that the most sensible choice is to sell them. Let’s see together what are the elements to take into account when you are preparing to sell a property acquired through succession.