So the purchase of the house for the children is safe
Help their children in buying a house is the desire of many parents. Without the support of Mom and Dad, in fact, in recent years of economic crisis, high rate of youth unemployment and job insecurity, the residential real estate market level would in all probability still more reduced to a minimum. It is a legitimate aid which, however, not to have tax problems and civil - and not to endanger the proper management of future inheritance issues - should take place as openly as possible, with passages clear and traceable money. Happens instead - to little knowledge of the subject and perhaps even for fear of contravening the law - often act so as to endanger an operation which instead is entirely lawful.
Basically there are two ways to support their children in the purchase of the house - the theme that has been the focus of one of the events of "Comprar home without risks", meetings with citizens organized by the Notarial Council of Milan: either you give in to their children a sum of money which will then be used to purchase the property, or you have directly from your checking account payment to the seller before the notary.
The donation of money by notarial deed
The first hypothesis requires a double pass and two notary acts rule. The first is the donation of money, the second is the sale of the house, whose price will be at this point paid directly by the children. Among the advantages of this solution - explains a handbook of notaries - there is a high degree of clarity on money transfers and transparency in family relationships, especially if there are children. In addition, since the passage of money is through an act recorded, it is known to the tax and then does not arise any problem before any tax audits on the origin of the money. Does not emerge then any donations from the act of buying and selling, which ease the possible subsequent disposal of the property (see below article). Among the disadvantages is mainly rising costs, because the notary draws two acts. In addition, the money donated goes to erode the margin of one million Euros (limit on which you do not pay taxes) enjoyed by the tax on inheritance.
The payment of the parents to the seller
The second hypothesis is more streamlined and less expensive, because it draws up a single guarantee and the amount paid does not erode the franchise for the succession. "If the act is well written - says the handbook - is guaranteed the clarity and transparency of the operation", however, "it could happen that the donations which emerges from the act of purchase may complicate the subsequent resale of the house, although this risk would be devoid of reason in the light of the latest doctrinal and jurisprudential ". It could also happen "that the deed of sale, except where it is clear or not explicit that the parents pay for all or part of the price payable to the seller, does not ensure the necessary clarity, both in family relationships, both with respect to any checks revenue Agency. "
The passage of money without donation
A "variant" of the first situation is not explicitly taken into account by the handbook of notaries, however, it could also be a shift of money - more and "traceable" - from one account to another, without there being a donation before the notary . It is actually a very common practice, especially if the parents cover only part of the amount necessary to purchase, typically (at least) that you are unable to finance the mortgage. It is a practice that does not go against the law, especially if it is an "insignificant amount." One problem though is that in essence there is a critical point about the sum ungiveable: "relevance" depends on the assets of the transferor of the money, out of context, region, and other criteria that only a judge will eventually determine case of disputes.
The risk redditometro
"The main downside of these steps, over the lack of transparency that these donations could be unknown to other heirs - comment by Notaries - is that it can more easily trigger an assessment of Revenue, to which you will have to document the lawful origin of the transfer, what which can be undesirable for those who have never had to deal with the tax authorities. " Or at least for those who prefer not to be subjected to tax audits. Shopping for a home can in fact easily fall into inconsistencies evaluated by the so-called mechanism "redditometro": essentially when there are differences of more than 20% between the declared income and expenditure made by the taxpayer, which easily happens in the case of purchase of a house.
Maintain control over the house
It often happens that parents wish to maintain some kind of control over the house of children, to prevent them from selling it for example to obtain liquidity. In this case the council would be to insist a particular right (eg usufruct) or a co-ownership share. In this case must be put on the scale its costs in fiscal terms.
The complications of succession
Typically you decide to deed the property directly to the children, to avoid paying the IMU and purchase taxes on second home and to prevent possible escalation of inheritance tax (which today are not paying below the million euro ). And maybe to not to have to resort to an act of donation in the future.
Donations - will also consider the case in which the property is already in possession of the parents - can in fact result in two types of complications. On one side of the other heirs may claim the inheritance reserved for them by law (the so-called legitimate): it is not possible to use the donation to subtract assets to their available assets. On the other, for the same reason, the good is hardly salable. This is because at the time of preparation of a future deed, the notary, noting a donation in the acts of origin, will warn the potential buyer from the claims risks. The circulation of donated property incurs these problems for 20 years after donation or for 10 from the succession.
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