05.10.08

Those who used only part of their up-to-one-million ruble tax deduction for the purchase of residential property will not be able to use the remaining balance of the deduction to purchase another property. This is according to the Letter of the Ministry of Finance # 03-04-05-01/327 from September 2, 2008. Based on Article 220, Paragraph 1 of the Tax Code of the RF, tax deduction for the building or purchase of a new residence must be used for one specific property or part of a property, and may not be “reused” for another property. 

 

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