What tax is owed on real estate?
The default rate is 5% of the deceased’s immovable property’s present value. But in other cases, such as when the inherited property served as the beneficiary’s or the deceased’s primary dwelling, one may be entitled to specific exemptions and reduced rates.
If the deceased’s ordinary residence is left to their surviving spouse, for instance, there is no tax on this asset.
In addition, from January 2013, when a deceased person leaves their primary dwelling to their children, there is no tax due on the property.
Other Frequently asked questions:
I received a financial gift from a deceased relative under the label of legacy. Should I get in touch with the bank where the decedent’s money was deposited?
No. The banks won’t discuss the virtues of a legacy since they only acknowledge the heir who essentially fills the shoes of the deceased. All bank deposits will therefore be given to the heir. In your capacity as a legatee, you must first identify the heir or heirs before formally demanding the money you are owed under the terms of the will. This request must be made within ten years of the death date. Legal action must be taken against the heir(s) if they refuse to carry out the legacy.
Does taxation apply to bank deposits?
Bank savings and other movables are exempt from taxation. Only immovable property must pay taxes.
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