The Inheritance tax on real estate poses financial and legal challenges for many heirs. When a property is inherited, certain taxes must be paid unless tax allowances or special regulations apply. Especially in cities such as Nuremberg, Fürth, Erlangen, Schwabach and Roth, where property prices have risen in recent years, inheritance tax can be a considerable burden. In this article, we explain what you need to bear in mind when inheriting property, which tax regulations apply and how you can avoid this burden with the expert advice of Tax experts from the my-home.de network can benefit.
Why is inheritance tax relevant for real estate?
Rising property values and tax liability
Property prices in cities such as Nuremberg or Erlangen have risen continuously in recent years. As a result, the taxable value of an inherited property can also be high. Many heirs do not realise that a property can quickly become taxable if the tax-free amounts are exceeded. The Inheritance tax is due if the value of the property exceeds the heir's personal allowance. Through the support of Tax experts from the my-home.de network you can ensure that you take full advantage of all tax benefits and minimise the burden.
The allowances for inheritance tax
The tax-free amounts vary depending on the degree of relationship. For spouses and registered partners, the tax-free amount is 500,000 euros, for children 400,000 euros. If a child inherits a property in Fürth with a value of 600,000 euros, 200,000 euros would be taxable. The inheritance tax rate in this case is between 7 and 30 per cent, depending on the amount of the inherited assets. Early advice from Tax experts from the my-home.de network can give you valuable tips on how to reduce your tax burden.
Factual presentation of the tax aspects
How is the value of the property determined?
The Valuation of the property is carried out by the tax office. This is based on the market value, which corresponds to the current market value of the property. In cities such as Schwabach or Roth this market value may have risen sharply in recent years, which has a direct impact on the amount of inheritance tax. A precise valuation by Real estate agent and Tax experts can help to determine the correct value and avoid tax disadvantages.
Special regulations for owner-occupied properties
If an inherited property is occupied by the heirs themselves, tax exemptions may apply. This is particularly relevant for spouses and children. If the spouse uses the property themselves for at least ten years after the inheritance, the purchase remains tax-free, regardless of the value. This regulation also applies to children, but only if the living space does not exceed 200 square metres. Here it is worthwhile Tax consultants from the my-home.de network to clarify whether this special regulation applies to your situation.
Tips for dealing with inheritance tax on real estate
- Take advantage of tax advice: When inheriting a property, it makes sense to seek tax advice at an early stage. The Tax experts in the my-home.de network support you in optimising your tax situation.
- Utilise allowancesMake sure that you utilise all tax allowances. There are ways to optimise your inheritance by making gifts during your lifetime in order to save tax. Here too my-home.de tax experts help.
- Check self-utilisationIf it is possible to use the property yourself, you can benefit from tax exemptions. Check together with the Tax advisors from my-home.de, whether this is an option for you in order to reduce your tax burden.
Let my-home.de advise you
The Inheritance tax on real estate is a complex issue where professional support is invaluable. The experienced Real estate agent and Tax experts in the my-home.de network support you in determining the value of your property, utilising tax advantages and making the best decisions. Arrange an appointment via our Contact form a non-binding consultation and benefit from our network of experts.
Inheritance tax on real estate - early planning is crucial
The Inheritance tax can be a problem for heirs of properties in Nuremberg, Fürth, Erlangen, Schwabach and Roth represent a challenge. Thanks to the expert advice of Tax experts in the my-home.de network many tax pitfalls can be avoided. Seek advice at an early stage and plan your inheritance carefully in order to minimise tax burdens.
Frequently asked questions (Q&A)
The amount of inheritance tax depends on the value of the property and the degree of kinship of the heir. Allowances and tax rates vary.
For spouses, the tax-free amount is 500,000 euros, for children 400,000 euros, for other relatives and third parties significantly less.
The value of the property is determined by the tax office on the basis of the current market value or market value.
In some cases, such as self-use by a spouse or children, the property can be inherited tax-free if certain conditions are met.
The costs depend on the value of the property and the tax rate, which can be between 7 and 30 per cent depending on the degree of kinship and the amount of the inherited assets.
In such cases, a deferral of the tax can be applied for. It is also possible to sell the property to pay the tax.
Inheritance tax must generally be paid within three months of receiving the tax assessment notice.
The estate agents and tax experts at my-home.de can help you with the valuation of your property and advise you on the tax aspects of inheritance.
Disclaimer
The information, recommendations and legal explanations contained in this guide are intended solely as non-binding advice. We assume no liability for the timeliness, accuracy or completeness of the information. This is not legal advice in the legal sense, and the contents cannot replace individual advice from a qualified lawyer or tax consultant.For legal issues arising in connection with property sales, the drafting of contracts or tax aspects, it is essential to seek professional legal advice. Our advice only provides an initial orientation and cannot represent a customised solution due to the complexity of the legal situation.
If you need assistance in selecting a suitable lawyer, we will be happy to help you and, if you wish, put you in touch with a suitable lawyer or specialist advisor. Please contact us at service@my-home.de.