Many of the real estate wealth tax (IFI) declaration rules were modeled on those of its predecessor, the solidarity tax on wealth (ISF). However, these two taxes are not identical: “The IFI is not limited to a real estate wealth tax, since its taxable base also includes pieces of life insurance, the rules for deducting debts have changed and anti- optimization have been integrated “, analyzes Richard Chalier, technical director and partner at Fidroit.
Threshold, brackets and scale unchanged
To know if you are taxable at the IFI this year, you must start by evaluating your assets on the 1is January 2019 and deduct certain debts from it. Taxpayers who live as a couple, regardless of their marital status, must begin by aggregating the assets of each partner… and of their children. “If these are major in 1is January of the year of the declaration, their patrimony leaves their parents’ tax base, even if they continue to be attached to the fiscal household for income tax, ”explains Richard Chalier. If the total taxable amount exceeds 1.3 million euros, the tax household is taxed in installments. Please note, this tax then applies to assets from 800,000 euros, according to a progressive scale (see table below)
In this case, an IFI declaration must be completed, to be returned at the same time as the income declaration. “That is to say at the latest between May 21 and June 4 according to the department of the tele-declaring taxpayer, the deadline being May 16 for those who have chosen a paper declaration”, specifies Julien Riahi, lawyer co-founder of Arkwood law firm. The taxed household then receives a tax notice at the end of the summer, and must pay the amount of its 2019 IFI before September 15. Good to know: “If the amount exceeds 300 euros, it is mandatory to pay electronically. Otherwise, the taxpayer must pay an increase of 0.2% of the amount”, warns Sophie Borenstein, associate tax lawyer at the KGA firm