Inherited properties rise 12 percentBy Crystal Hsu / Staff reporterGifted and inherited properties last quarter increased 12 percent and 4.3 percent year-on-year to 15,481 and 14,952 units respectively, government data showed yesterday, as people appeared to be undeterred by stricter property tax terms while becoming more active in asset allocations. The figures show a seven-year high following the introduction of combined property taxes, data on the Ministry of the Interior’s Web site showed. Photo: Hsu Yi-ping, Taipei TimesTightened property tax terms should result in higher taxes when people sell inherited and gifted properties, although people regardless seem to be pressing ahead with asset allocations, especially those with multiple homes, Lang said. Owners of multiple homes can bypass stricter lending terms by gifting properties to spouses or children who qualify for higher house loans, Lang said. Gifted and inherited properties could also allow first-time property sellers the choice to apply a 10 percent tax rate on transaction gains, benefits usually not available to multiple home sellers.

Source: Taipei Times May 20, 2022 01:27 UTC