The Russian Federal Tax Service Nov. 26 clarified individual income tax deductions for residential real estate purchase and construction expenses and mortgage interest. The clarification includes: 1) a 13 percent deduction capped at 2 million Russian rubles (US$30,160) for the purchase or construction of residential real estate; 2) a 13 percent deduction capped at 3 million rubles (US$45,240) for mortgage interest expenses; and 3) procedures to claim deductions including the taxpayer’s choice of monthly or annual deduction credits. [Russia, Federal Tax Service Journal, 11/26/18]
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