I may be in a position to sell my house (main residence, I live there full-time) for 2 million yen more than I purchased it for.
Can anyone tell me what I will face in terms of capital gains tax?
Thanks.
Capital gains tax on property sale?
- Roger Van Zant
- Veteran
- Posts: 628
- Joined: Tue Sep 01, 2020 7:33 am
- Location: Kyushu
Capital gains tax on property sale?
Investments:
Company DB scheme ✓
iDeCo (Monex) eMaxis Slim All Country ✓
新NISA (SBI) eMaxis Slim All Country ✓
Japanese pension (kosei nenkin) ✓
UK pension (Class 2 payer) ✓
Company DB scheme ✓
iDeCo (Monex) eMaxis Slim All Country ✓
新NISA (SBI) eMaxis Slim All Country ✓
Japanese pension (kosei nenkin) ✓
UK pension (Class 2 payer) ✓
- RetireJapan
- Site Admin
- Posts: 4752
- Joined: Wed Aug 02, 2017 6:57 am
- Location: Sendai
- Contact:
Re: Capital gains tax on property sale?
Nothing. You get up to 30m in capital gains tax free: https://realestate-od.jp/assessment/column/article122/
English teacher and writer. RetireJapan founder. Avid reader.
eMaxis Slim Shady
eMaxis Slim Shady
-
- Veteran
- Posts: 390
- Joined: Thu Aug 03, 2017 1:01 pm
Re: Capital gains tax on property sale?
I take it that is just for principal residence and doesn't apply to, say, overseas property?RetireJapan wrote: ↑Thu Feb 09, 2023 6:11 am Nothing. You get up to 30m in capital gains tax free: https://realestate-od.jp/assessment/column/article122/
-
- Veteran
- Posts: 727
- Joined: Wed Apr 10, 2019 12:21 pm
Re: Capital gains tax on property sale?
Yes, just main residence as I understand it.goodandbadjapan wrote: ↑Thu Feb 09, 2023 12:36 pmI take it that is just for principal residence and doesn't apply to, say, overseas property?RetireJapan wrote: ↑Thu Feb 09, 2023 6:11 am Nothing. You get up to 30m in capital gains tax free: https://realestate-od.jp/assessment/column/article122/
Re: Capital gains tax on property sale?
Correct. Only Primary Residence.goodandbadjapan wrote: ↑Thu Feb 09, 2023 12:36 pmI take it that is just for principal residence and doesn't apply to, say, overseas property?RetireJapan wrote: ↑Thu Feb 09, 2023 6:11 am Nothing. You get up to 30m in capital gains tax free: https://realestate-od.jp/assessment/column/article122/
Rental Properties, in Japan or Overseas, are subject to Short-Term or Long-Term Capital Gains Tax on the Gain minus Costs and Transaction Fees, over Capital Gains Allowance of Y500,000.
Also for Rental Properties, if you took the Depreciation as an expense, that reduces your Tax Basis, so you have to pay Capital Gains Tax on the Depreciation as well.
:
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.
:
This Guide to Japanese Taxes, English and Japanese Tai-Yaku 対訳, is now a little dated:
https://zaik.jp/books/472-4
The Publisher is not planning to publish an update for '23 Tax Season.