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Real EstateWhat are concrete examples of condominium management?
For example, for facade renovation work, the syndic prepares a quote and submits it to the general assembly. Once approved, they supervise the work while the co-owners finance the project according to their shares, and the council monitors the process.
Real EstateWhich laws govern the management of condominiums?
The management of condominiums is governed by the law of July 10, 1965 and the decree of March 17, 1967, which define the rights and duties of co-owners, the responsibilities of the syndic, and the rules for managing common areas.
Real EstateHow is real estate capital gain calculated?
It is calculated by subtracting the acquisition price (increased by eligible expenses and improvements) from the selling price. Holding period allowances can then reduce the taxable amount.
Real EstateWhat are the possible exemptions for real estate capital gains?
The sale of a primary residence is fully exempt. Other exemptions apply to low-value properties (under €15,000), sales by elderly persons under certain income conditions, or a first sale of a non-primary residence if the proceeds are reinvested.
Real EstateWhat are the allowances for holding duration?
For income tax, the allowance is 6% per year from the 6th to the 21st year, then 4% in the 22nd year, resulting in full exemption after 22 years. For social contributions, full exemption applies after 30 years.
Real EstateWhich legal texts govern real estate capital gains?
The rules are established by the General Tax Code, especially articles 150 U to 150 VH, which specify calculation methods, holding period allowances, and possible exemptions.
Real EstateCan you give a concrete example of real estate capital gains calculation?
For example, a property bought for €200,000 and sold for €350,000 after 15 years generates a gross capital gain of €150,000. After applying holding period allowances, the taxable gain is reduced and may be fully exempt depending on the case.
Real EstateWhat are the taxation regimes for rental income?
There are two taxation regimes for rental income: the actual regime, which allows deduction of all actual expenses, and the micro-foncier regime, which applies a flat 30% allowance if rental income is below €15,000 per year.
Real EstateHow is real estate capital gain taxed?
Real estate capital gain is taxed at 19% for income tax and 17.2% for social contributions, for a total of 36.2%. Exemptions apply, particularly for the sale of a main residence or after long-term ownership.
Real EstateWho is subject to the Real Estate Wealth Tax (IFI)?
The IFI applies to individuals whose net real estate assets exceed €1.3 million. It is calculated based on the market value of the assets, after deducting eligible real estate debts.
Real EstateWhat exemptions are available for the IFI?
Certain properties are exempt from IFI, such as those used for the taxpayer's main professional activity or investments in forests and forestry groups. Reductions may also apply depending on the type of investment.
Real EstateWhat legal texts govern real estate taxation?
Real estate taxation is mainly governed by the French General Tax Code, which defines the rules for rental income, capital gains, and the Real Estate Wealth Tax (IFI).
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