Tax breaks on first house they represent a benefit much appreciated by Italian taxpayers. However, doubts often arise regarding their application in specific situations, such as the acquisition of a second property through donation.
Let’s analyze the issue taking inspiration from a recent response from the Revenue Agency published on TaxToday.
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Reader’s question
A taxpayer wrote to the Revenue Agency portal asking a question regarding a rather common but complex situation from a tax point of view:
“I am the owner of a property purchased with the “first home” benefits. I will soon receive a second property as a donation from my parents which will constitute my future home. I understand that you can ask for the same benefits again if the old house is sold within a year. Does this only apply if the new property is purchased or also when it is received as a donation?”
The question is particularly interesting because it raises a legitimate doubt on the possibility of extending the tax benefits to a donation, which is a different acquisition method from the traditional purchase.
Furthermore, it highlights the need to understand whether the commitment to sell the pre-existing property, required by law, can also be applied in situations in which the new property is transferred free of charge.
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The response of the Revenue Agency
The Revenue Agency has confirmed that, as of January 1, 2016the tax benefits relating to the first home have been extended also to those who already own a purchased property with the same discounts. This extension, introduced by article 1, paragraph 55, of law no. 208/2015, allows you to access the benefits again provided that:
- The property previously purchased with concessions must be sold by a year from the date of the new purchase.
- The commitment to sell the previous property is expressly declared in the deed of transfer of the new property.
The legislation, therefore, is not limited to cases of purchase for consideration (purchase and sale), but also includes free transfers, such as donations And successions. This has been clarified in the circular n. 12/2016 of the Agency.
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The conditions for maintaining the benefits
In the specific case of a donation, to take advantage of the benefits on the first home it is essential that the notarial deed of donation contains the declaration of commitment to sell the property already owned within one year. Otherwise, you will lose the tax benefits, with the following consequences:
- Payment of ordinary taxes due on the acquisition of the property.
- Default interest on the sums owed.
- Sanctions additional, as required by tax legislation.
Receiving a property as a donation is a significant opportunity, but the tax implications must be carefully considered. The obligation to sell the house already owned within a year could lead to practical difficulties, especially in a slow real estate market. Furthermore, any loss of benefits could generate unexpected costs.
