Milan Tribune
Business

when and how to declare your wealth?

Taxpayers whose real estate assets, after deducting debts, exceed 1.3 million euros are required to declare it at the same time as their income, under the real estate wealth tax (IFI). Real estate, houses, land, shares of civil real estate investment companies (SCPI), etc.: this is their market value at 1er january 2022 which must be retained.

This corresponds to the price at which these properties could have been sold on the first day of the year, taking into account their characteristics (location, area, standing, state of maintenance) and the situation of supply and demand.

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“The main difficulty of the IFI declaration is to correctly assess its assets, especially those held through a civil real estate company [SCI] », explains Sandrine Quilici, director of wealth engineering at Pictet Wealth Management.

To find comparison terms, it is now possible to consult the same sources of information as the tax administration, in the Patrim database, accessible for taxpayers from their personal area of the site Impots.gouv.fr. Or with the land values application service (Cadastre.data.gouv.fr/dvf).

Haircuts to apply

Don’t forget to deduct 30% of the value of your primary residence. “This abatement does not apply if it is held as part of an SCI, alert MI Quilici. But it is possible to practice an illiquidity discount of the order of 10% to 15%, to take into account that SCI shares are more difficult to sell than real estate. »

The same applies to property held in undivided ownership: a discount of 10% to 20% can be applied. “It is not systematic, however, the judges refused it to a property held in undivided by two spouses separated from property or to an undivided between a parent and his child”, precise MI Quilici.

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There is, on the other hand, no discount for property held in usufruct, to be declared by the usufructuary for their freehold value. The main exception is the surviving spouse. In the absence of a gift to the last living or a testamentary disposition in his favor, he must declare only the value of the usufruct received in the estate of the deceased spouse, the children being taxable on the value of the bare property (if they are liable to the IFI).

Debts to be deducted

What are the deductible debts? Only those relating to the acquisition, repair, maintenance, expansion expenses made on taxable property. For example bank loans in the process of repayment, up to the amount of the remaining principal due on 1er january, or the sums remaining due to artisans on that date.

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