Sale of real-estate
- Sale of real-estate (PDF, 57.4 kB)
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Autor Ing. Vladimír Zdražil2.11.2012 06:11
Single-entry book-keeping strictly focuses on income. In other words, income from real-estate sold has been received by an enterprenneur in 2012 which orders taxable person to tax it in 2012 as well. It will be considered as income from enterprenneurial activities in terms of article 7 of Income tax act.
The taxable person is allowed to apply the expenditure contra the income. Having considered the real-estate as subject to depreciation there is important to point out to residual asset value and express in numbers. This net asset value is regarded as taxable expenditure in terms of article 24, section 2, letter b of Income tax act. Meanwhile, by the end of 2011 the taxable person is obliged to keep evidence of receivable (see article 7b, section 1, Income tax).
On top of above mentioned expenditure, the taxable person might consider real-estate transfer tax as tax deductible. If some expenditure related to sale occured they are free to be applied as well.
One more important issue to mention …the taxable person might have decided to dispose the asset of business before sale. In this case, the real-estate would have become part of private fortune which orders taxable person to tax it as other income according to article 10. There is occurence to apply time test liberation according to article 4 but regarding the data above mentioned there´s no posibility to reach it. The income is going to be taxed with the similar approach as in enterprenneurial activities but with no impact to social security and health insurance charge.
Mission for those who speak English and Czech is not their native language: These articles are designed to accountants and enterprenneurs who work under Czech tax and accounting legislation. The information given is updated and complies with current Czech legislation. More info www.chryzantema.cz, Zdrazil.V@email.cz
Poselství těchto článků pro účetní, daňové poradce, ekonomy a další:
Tyto články odpovídají aktuálnímu stavu tuzemské legislativy, avšak nemají nahrazovat jakoukoli formu poradenství. Měly by pomoci čtenářům k vybudování úzce specializované slovní zásoby v oblasti účetnictví, daní a podnikové ekonomiky. Autor čerpá slovní zásobu ze zkušeností z mezinárodních transakcí s důrazem na prodeje tuzemských firem do zahraničí. Více na www.chryzantema.cz, Zdrazil.V@email.cz