start signal. All taxpayers with property assets exceeding EUR 1.3 million must complete a Property Wealth Return (IFI) at the same time as their income tax return. Deadline is May 24 to June 8, depending on the residency department. So, a good month for 140,000 concerned families to roll up their sleeves is left. Because unlike tax returns, which are primarily pre-filled by tax authorities, IFIs require taxpayers to do real, substantive work.
He has until January 1, 2022 to assess his assets and liabilities, calculate the tax due and complete the filing online. A delicate exercise: You have to find the right balance between scrutiny to avoid inflating your taxable assets and taxes payable, and the obvious understatement that can lead to a recovery. Patrick Janel, director of private management at consultancy Equance, advises: “Don’t hesitate to use all available resources to evaluate your assets. Sales announcement websites, notary databases and even the Patrim website for tax services allow you to Find out about recent sales near your home with your tax ID number. »
Discounts and Waivers
The principal residence benefits from a 30% tax reduction: as a result, the taxpayer only registers 70% of its value in their return. Other real estate (second-hand homes, rental properties, parking lots, warehouses, etc.) may benefit from discounts in certain circumstances. “There are no specific rules for real estate investing, but market practice,” said Marion Calmette, deputy director of asset engineering at Societe Generale Private Bank. Jurisprudence recognizes discounts because leased goods are not as liquid as empty goods. »