Tax relief for young families - conditions

Tax relief for young families - conditions

 

Question:
Hello!

My partner and I are getting married and we are currently in the process of buying a home. Since we want to take advantage of the tax relief for young families, is it possible after the completion of the purchase of the home, to submit documents that we are married and, accordingly - to enter into force the tax relief?

Thanks in advance!

 

Answer:

Hello,

To take advantage of the tax relief, you must be married before buying the property. The requirements for receiving tax relief are the following:

1. the mortgage loan agreement has been concluded by the taxable person and / or by a spouse with whom they have entered into a civil marriage;

2. the taxable person and / or the spouse have not reached the age of 35 as of the date of concluding the mortgage loan agreement;

3. the mortgaged dwelling is the only dwelling for the family during the tax year.

The tax relief itself is part of the amount of the annual tax base (the total amount of your income on which you owe tax as an individual) is deducted the interest payments made during the year on a mortgage loan for the purchase of a home, if the amount of the mortgage loan exceeds 100 thousand BGN, this relief is used for interest payments on principal up to BGN 100 thousand. It is also important to know that only one of the two spouses can benefit from this relief.

We hope we have been helpful to you.

Greetings!