5679 Important Tax breaks for 2007 - buying off a developer
For those of you buying a renovated apartment as part of a larger development, you are eligible for a 36% tax rebate on a quarter of the sale price if buying off a developer (obviously you need to do your tax returns in Italy).
As an example, if the purchase price is say 300,000 euro, you can get 36% of 25% of this figure as a tax break over the following 10 years. In other words, 27,000 euro over the entire period or 2700 euro of tax relief for each of your annual returns. There is a cap of 48,000 on this scheme.
The devloper has to have carried out a renovation/restoration project, and the deed of sale will suffice as proof.
The 2007 budget foresees such tax breaks until June of this year for developments completed before December 31st 2006.
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