Q. I am married. Is there any tax implication in buying the property in my name only or jointly with my spouse?
A. Yes there might be tax implications. Please find below some of the main implications.
Transfer tax reduction on completion. On completion the buyer is entitled to ask for first home purchase transfer tax reduction (see related FAQ on this page). In case of purchase in one spouse’s name only, he might get full reduction on said purchase and in the future the other spouse could be entitled to get again full first home purchase transfer tax reduction for the purchase of another property in Italy.
After purchase Income tax: in case of co-ownership, the possible property income would be shared between the two owners. Being the income shared, and typically being the average residential property income low, there are chances that each income share or applicable income tax would be lower than the tax application threshold.
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