Home Mortgage Relief Act Of 2014 (Senate Bill No. 2148 full text) Proposes Tax Incentives For First-Time Homebuyers

“Owning a home is a keystone of wealth… both financial affluence and emotional security”. -Suze Orman

Last Friday, April 4, 2014, we heard over the radio that Sen. Sonny Angara filed Senate Bill No. 2148 (Home Mortgage Relief Act of 2014) which proposes that tax incentives be given to first-time homebuyers. But how exactly does the proposed bill intend to do this? I'll try to answer this below, and … [Read more...]

How To Get Capital Gains Tax Exemption On The Sale Of Your Principal Residence

capital-gains-tax-exemption-tax-free

Everyone wants to have a break from paying taxes, so it pays to know the legal ways we can avoid paying taxes. One of them is to take advantage of the exemption from capital gains tax (CGT) on the sale of a principal residence. Learn how you can avail of a capital gains tax exemption when you sell … [Read more...]

BIR Revenue Regulations No. 14-00 Amends RR 13-99 (Sale of a Principal Residence)

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BIR Revenue Regulations(RR) No. 14-00 amends certain sections of Revenue Regulations No. 13-99 to streamline and make more efficient the collection of the capital gains tax, if any, presumed to have been realized from the sale, exchange or disposition, by a natural person, of his "Principal … [Read more...]

BIR Revenue Regulations No. 13-99 (Sale of a Principal Residence)

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Bureau of Internal Revenue (BIR) Revenue Regulations No. 13-99 governs the exemption of certain individuals from the capital gains tax on the sale, exchange or disposition of his/her principal residence. … [Read more...]

How Safe Is Your Property From Being Repossessed?

A gavel which is often used during tax foreclosure auctions

Last December 2013, it was all over the news that the Local Government of Quezon City had shut down the Manila Seedling Bank for failure to pay their real property taxes between 2001 and 2011. Is your property next? … [Read more...]

Is BIR RR No. 10-2013 Favorable To Violators Of The RESA Law?

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Some PRC-licensed real estate service practitioners (RESP's) believe that the newly-released Bureau of Internal Revenue (BIR) Revenue Regulations (RR) No. 10-2013 dated May 2, 2013 is favorable to violators of the RESA Law. But what exactly does BIR RR No. 10-2013 really say? … [Read more...]

Tax Planning For Real Estate Using Corporations And BIR RR No. 6-2013

Taxes make a man sad...

The Bureau of Internal Revenue (BIR) has just released Revenue Regulations (RR) No. 6-2013 dated April 11, 2013 which amends BIR RR No. 6-2008, or the Consolidated Regulations Prescribing the Rules on the Taxation of Sale, Barter, Exchange or Other Disposition of Shares of Stock Held as Capital … [Read more...]

Homeowner’s association dues now subject to income tax and VAT (RMC No. 9-2013)

VAT and income tax on homeowners associations

Sorry to be the bearer of bad news, but we all saw this coming. Not long after the imposition of income tax and value-added tax (VAT) on condominium dues comes Revenue Memorandum Circular (RMC) No. 9-2013 dated January 30, 2013 which imposes income tax and VAT on homeowners’ association dues. … [Read more...]

Donation As An Estate Planning Tool (A Discussion on Donor’s Tax)

donations can be used for estate planning but are subject to donor's tax

The donation of properties can be used as a tool for estate planning. One just needs to be aware that donations are subject to donor's tax. Read this to find out how much donor's tax you need to pay when donating a property as part of estate planning. … [Read more...]

What You Need to Know About Real Property Tax (RPT)

real property tax in the philippines

Real Property Tax (RPT) is a tax that owners of real property need to pay every year so that the local government unit (LGU) will not auction off their property.There are some investors who buy tax-delinquent real properties and participate in auctions held by LGU’s, and this is one of the ways … [Read more...]