Dual Citzens Purchasing/Renovating Property in Italy

Over 25 million Italians have emigrated between 1861 and 1960 with a migration boom between 1871 and 1915 when over 13,5 million emigrants left the country for European and overseas destinations.
jennabet
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Dual Citzens Purchasing/Renovating Property in Italy

Postby jennabet » 30 Aug 2014, 16:23

The law of stability of the Letta government extended to all Italian citizens for the entire year of 2014 tax deductions of 50% for all building renovations and 65% for energy saving renovations (Windows, doors, etc.). with a maximum of 96,000 Euro per property. The deductions will then go to 40% for the year 2015 and return to 36% from 2016 on.

However, if you're a retired, dual American/Italian citizen, drawing social security and pensions from the USA, filing US tax returns and having no income from Italy, you can't take advantage of these deductions when purchasing property in Italy to be renovated. In this case you should let your agent know that you're aware of the deductions and offer a lesser purchase price. If your agent and the seller aren't willing to negotiate, move on. There are plenty of properties available in Italy and all Italian citizens have the right to be treated equally.

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Steverino3006
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Re: Dual Citzens Purchasing/Renovating Property in Italy

Postby Steverino3006 » 31 Aug 2014, 01:59

I don't understand your last sentence. Italian law treats everybody the same here, but is constant regardless of your own personal tax situation.

I agree - if there is a property that need to be renovated and the price makes no sense, move on. The tax benefits figure into whether the price makes sense. If I were a seller I would prefer to get a higher price by **SPAM** to someone who can take better advantage of the tax benefits.

If I were a buyer, it might make more sense to buy a property that has been renovated where the seller has taken advantage of the tax benefits and will in effect share them with me by a lower price.

Note: my word "**SPAM**" has for some reason been changed to **SPAM**.

Note 2: Accidente! Twice now. OK, **SPAM** has replaced my original word which is the opposite of "buying".

jennabet
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Re: Dual Citzens Purchasing/Renovating Property in Italy

Postby jennabet » 31 Aug 2014, 10:36

To each his own, of course, but buying a renovated property means you're getting someone else's idea of what's right for you when you can have your own idea if you renovate yourself. Also as far as Italian law treating everyone the same, I'm not sure tax deductions for home renovations apply to foreigners. The information we received specifically stated it was for Italian citizens.

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Steverino3006
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Re: Dual Citzens Purchasing/Renovating Property in Italy

Postby Steverino3006 » 31 Aug 2014, 18:51

I was replying to your statement that "all Italian citizens have the right to be treated equally"

jennabet
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Re: Dual Citzens Purchasing/Renovating Property in Italy

Postby jennabet » 31 Aug 2014, 19:42

OK, gotcha now. Yes, the Italians are very fair minded. I enjoy living with them.


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