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You have until October 31, 2010 to revalue the land

With the 2010 financial were reopened to the terms for the revaluation of agricultural land and building plots.

The ability to revalue the land is especially important for taxpayers who wish to dispose of the areas assigned edificatoria. In fact, the building land is subject to taxation on capital gains that, because it consists, essentially, the difference between the sale value and purchase value, in most cases, is of large amounts (think that the minimum rate is 23%).

The property covered by the revaluation of our land agricultural or building, owned by 1 January 2010. You can also re-evaluate the land which has been the subject of previous revaluations. In the latter case you can not deduct the payment of substitute tax previously paid. While you can avoid paying any installments not yet due and request a refund of payments made.

For the special case of a particle partially built, the Inland Revenue has made it clear "that the planning instrument is sufficient to identify the portion of building area ," so there is no need for fractionation area.

With appreciation to 01/01/2010 the initial value of the land is slightly lower than the supply, so the tax due for the gain is very low.

An example may help to better evaluate the most convenient choice:
suppose to cede land to the price of Euro 100,000; taxpayer with a minimum rate of 23% (of course, for taxpayers who have a higher income tax savings will be higher) cost recognized for tax purposes (lower purchase price appreciation plus any costs for expenses Istat) Euro 10,000; of land value Euro 98,000. In this case, the taxpayer will pay a total of Euro 4460 (4% of 100,000 plus 23% on 2000). The tax liability would be no revaluation of € 20,700, (23% of 100,000 less 10,000) with a saving of € 16,240.

The revaluation of land exerts its effects, as well as direct taxes, including indirect taxes (registration, mortgage and land) due to the sale of the property. In fact, the rule states that the estimated value is also the minimum of reference for the transfer of the property.

However, it can be given a lower value if, between the date the expertise and the transfer, these events are occurring to determine the depreciation of the soil (variation of town planning, floods, landslides, etc.).. In these cases, to avoid incurring a verification of the declared value, it should indicate the reasons for the lower value in the act of sale.

place on the ordinary system of taxation of capital gains

The taxation of capital gains is governed by art. 67 and 68 of DPR 917/86 .
are subject to the supply of capital gain:

• plots of land for subdivisions;
• building areas. The land is regarded as buildings as a result of adoption of the Instrument general urban development by the municipality, regardless of approval by the region and the adoption of implementation instruments ( Article 36, paragraph 2, Law 223/2006 ).
• farmland purchased for less than five years. If received in donations, the five years from the date of purchase by the donor.

The tax deductible cost is calculated as:

• Agricultural land and building land purchased for consideration: the cost is given by the purchase price plus any costs involved and indexed with Index ISTAT.
• Agricultural land and building plots acquired free of charge: the cost is increased since the declared value of the expenditure (including inheritance or gift) and indexed with Index ISTAT.

In the presence of subdivision, the cost is tax deductible as follows:

• Land acquired for consideration more than five years before the subdivision : cost is taken as the value of the property to the 5th year earlier.
• Land acquired for consideration in the five years preceding the beginning of the subdivision : cost is taken as the purchase price plus any other expenses inherent.
• Land acquired free of charge: the cost is taken as the normal value of the land at the date of commencement of the development agreement.

the facilitation provided by art. 2, paragraph 229, of Law No. 191, 23/12/2009 (Budget 2010), can take as an expense the value of the market on 01/01/2010, instead of that calculated as above.

Revenue Agency has intervened in various circulars and resolutions on certain specific circumstances. With Circular No 81 / E, 6/12/2002 made it clear that the land owned in undivided pro communion can be revalued by one or more shareholders. The instructions of the Revenue have indicated the terms and modalities of implementation: the sworn expert estimation must be carried out throughout the area and the replacement tax of 4% must be paid in proportion to share ownership. E 'possible to the revaluation of land granted in usufruct dall'usufruttuario independently or both bare owner.

Another special case of expropriation . The distributing subjects are obliged to make a withholding tax to the extent of 20%, with the option by the taxpayer to opt for taxation at ordinary income tax return. In this case, the deduction is considered to be suffered as a deposit (procedure under Article. 67 of DPR 917/86). If the taxpayer has made a revaluation of land, it must choose the normal tax rules the gain, taking the sudden restraint in the annual statement of income. In fact, in this case, the disposal value will correspond roughly to the value of the cost tax deductible, so almost all the sudden restraint will be restored.

How to join

to reassess the land on 1 January 2010, the taxpayer must provide for following tasks:

1. Far prepare a sworn appraisal by a qualified professional (engineer, surveyor, architect, industrial expert, land surveyor, agronomist, agro-technicians, expert in real estate appraisal) with estimated value of the property on 1 January 2010;
2. Pour the substitute tax on the estimated value of 4% by November 2, 2010 (October 31st is a holiday). Payment can be made in a lump sum or a maximum of three equal annual installments. The second and third installments (due, respectively e31.10.2012 31.10.2011) are due to the interests of 3% per annum to be paid the same to the payment of each installment. The payment is performed with the F24 model using the tax code 8056.

The payment of the entire amount or the first installment is essential condition for the recognition of the value estimated at appraisal. For these payments, you can not use the institution of active repentance. E 'possible to use repentance on the second and third installments in the non-payment will result in the application to its list of the amounts.