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Subject:
Capital Gains Tax on property in France
Category: Business and Money Asked by: dayclub-ga List Price: $10.00 |
Posted:
12 Nov 2002 07:32 PST
Expires: 12 Dec 2002 07:32 PST Question ID: 106040 |
I need information on French Capital Gains Tax as it relates to selling a second home in France (what percentage of the gain do you pay, what allowances/expenses are acceptable, is there stepped relief for each year you have owned it etc) |
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Subject:
Re: Capital Gains Tax on property in France
Answered By: belindalevez-ga on 12 Nov 2002 10:51 PST Rated: |
<The rate of capital gains tax in France is 33.33%. For property dealers it is 50 %. If you have owned the property for 22 years or more there is no capital gains tax. If you have owned the property for 2 years or more you can deduct the following costs to determine whether or not there has been a taxable gain: 1. The purchase price plus inflation coefficient. 2. Agents fees and legal fees. 3. Renovation costs that can be proved with a VAT receipt. After two years additional allowances are also allowed, typically 5 % per year. If you have owned the property for less than two years and need to sell for pressing family reason like a death then you will still be able to claim the above allowances. France has double tax treaties with a number of countries. Under the double tax treaty you will be able to credit it capital gains tax paid in France against capital gains payable in your tax domiciled country. > <Additional links:> <Taxation in France.> <http://www.french-property.com/ref/tax.htm> <French property questions and answers> <http://www.pannone.com/services/shwServiceFAQs.asp?SID=15> <Premier capital> <http://www.premier-capital.com/eng/faq_france.html> <French tax for non-residents.> <http://www.legal21.org/english/eng_tax_nonres_fr.htm> <Search strategy:> < "capital gains tax" france> <://www.google.com/search?hl=en&lr=&ie=ISO-8859-1&q=%22capital+gains+tax%22+&as_q=france&btnG=Search%A0within%A0results> <"capital gains tax" france calculated> <://www.google.com/search?q=%22capital+gains+tax%22++france+calculated&hl=en&lr=&ie=UTF-8&start=20&sa=N> <Hope this helps.> |
dayclub-ga
rated this answer:
everything I needed to know and some good links. Thanks. |
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