In Russia, they can increase the tax deduction for the purchase of housing in new buildings

It is planned to double the property tax deduction only when buying housing in new buildings. This was stated by the head of the Ministry of Construction of the Russian Federation Irek Faizullin in a conversation with TASS.

Earlier, Izvestia wrote that the State Duma is considering the possibility of doubling the tax deduction for buying a home. The authors of the document noted that the initiative is due to a sharp increase in housing prices. 

«We are still discussing the extension only to new buildings of the [increased tax deduction, if the bill is passed]», – Fayzullin noted.

He also added that the increased tax deduction is planned to be extended only to future home purchases. However, the minister did not rule out the possibility of extending the bill to transactions that have already been completed, for which the deduction has not yet been received. 

If the bill is adopted, the maximum tax deduction for buying a home can be up to 520 thousand rubles, and for the repayment of interest on a mortgage – up to 780 thousand rubles.


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