Pay attention to the difference in inheritance tax and gift tax
It seems to mean when both inheritance and gift are inherited.. What is the exact difference and what is the tax rate?
If you are interested, please read the article below.
If you suddenly receive an inheritance or gift and wonder which one is advantageous to you,
It is expected that you are looking for this and that because you want to reduce your taxes even a little more.
If you read today’s article carefully, you can definitely get a certain tax saving plan.
If you need a consultation on inheritance tax and gift tax, you can contact us through the link below.
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What is the difference between inheritance tax and gift tax?
Simply put, you can think of it as the difference in the timing of inheriting property.
If property is received after death, it is considered an inheritance, and if it is received before death, it is considered a gift.
Since the inheritance tax and gift tax laws are tied together (usually referred to as the gift tax law), the tax rate can be considered the same.
Please refer to the table below for equivalent tax rates.
tax base
tariff
progressive deduction
less than 100 million
10%
–
More than 100 million ~ less than 500 million
20%
10 million won
More than 500 million ~ less than 1 billion
30%
60 million won
More than 1 billion ~ less than 3 billion
40%
160 million won
over 3 billion
50%
460 million won
Inheritance tax and gift tax are calculated in the same way.
Inheritance Tax = (Total Inheritance – Inheritance Deduction) X Inheritance Tax Rate
Gift tax = (total gift property – gift deduction) X gift tax rate
The most important difference between inheritance tax and gift tax is the reporting deadline, so you need to be careful.
Inheritance tax must be voluntarily reported and paid within 6 months from the date of commencement of inheritance.
Gift tax must be reported and paid within 3 months from the date of gift.
It is important to note these basic differences.
Inheritance tax and gift tax difference, need expert help
Depending on when the property is moved, whether it is inheritance tax or gift tax is divided, so you can see that it is clearly different.
there is.
Do you currently have to pay inheritance tax? Or is it a situation where you have to pay gift tax?
Right now, I can’t tell you how much you have to pay and how much you can save money through this article.
Because the amount of property received is so different, whether it is movable or real estate, and how many people to divide it with, the situation is different.
1:1 consultation is required.
If you consult with a tax accountant dedicated to property tax for both inheritance tax and gift tax, you will definitely be able to reduce the tax amount much more than you calculated on your own.
Even though there are so many different deductions, it is not easy to know what they are, so many people miss out on tax-saving opportunities.
Even if you know that there is a deduction, you may be in a difficult situation because you do not know how to apply it.
If you want to reduce taxes and save your precious money, professional help is essential.
Of course, you may think that the tax accountant’s fee is not worth it, but you should calculate the opportunity cost carefully because you can reduce the tax amount much larger than paying tens of thousands of won now.
In particular, in the case of inheritance tax or gift tax, the tax is not easy because it is a large amount.
If you want to reduce it even a little bit, you can contact us.
Inheritance tax and gift tax difference, you need to meet such an expert
Those who have consulted with a tax accountant because they want to reduce inheritance tax or gift tax must know this.
I will.
Even if you try to find a tax accountant specializing in property tax, there are not many.
In the case of inheritance, gift, or transfer, each property must be calculated individually from the actual transaction value, and general tax reporting or bookkeeping management is required.
much more complicated than that.
As a result, there are many tax offices that do not deal with it at all.
We assign experts to help with such complex property taxes, such as tax accountants specializing in inheritance tax and tax accountants specializing in gift tax.
You can meet a greater tax savings because you have much more experience and know-how than entrusting it to a tax accountant who has only managed the bookkeeping.
In particular, there are people who turn on the map app first when they think they need to find a tax accountant.
Please note that “distance” is not a criterion to consider when choosing a good tax accountant.
Of course, having a helper nearby is reassuring, so it is understandable that you insist on distance, but it is better to entrust it to a place that is famous nationwide for its skills rather than a nearby place.
Since all tax affairs can be consulted non-face-to-face anyway, there is no need to entrust it to a nearby place.
Tax Accounting Teheran is also located in Gangnam, Seoul, but many people from all over the country contact us for tax-saving advice.
If you would like to meet an assistant specializing in property tax, you may contact us.
writing
In today’s article, we talked about the differences and commonalities of inheritance tax and gift tax.
Since there are various tax reduction plans for both inheritance tax and gift tax, do not report the tax amount as it is now, but be sure to consult with an expert.
Please proceed.
You may be eligible for hidden deductions.