2024-03-27 05:31:34
Seoul apartment donations increased from 429 in December to 703 in January.
The number of apartment donations nationwide increased by about 1,000.
The proportion of beneficiaries in their 30s increases… Impact of marital gift property deduction
As the real estate recession continues, an increasing number of people are giving away real estate instead of buying or selling it. Analysis suggests that this is because, in the case of gift tax based on property value, the tax burden decreases as the market price falls.
According to the Korea Real Estate Agency’s apartment transaction status on the 27th, the number of apartment donations as of January this year was 4,018. This is an increase of more than 1,000 cases compared to November (3,070 cases) and December (2,892 cases) last year.
In particular, the number of apartment donations in Seoul during the same period was 703, nearly doubling from 443 in November and 429 in December last year.
This is interpreted as a result of the recent decline in apartment prices and the tight sales market. In fact, the number of donations increased significantly to 4,244 in November 2022 and 7,301 in December, when housing prices plummeted, but fell back to the 3,000 range last year as apartment prices in some regions rebounded.
Looking at those who received apartments or other apartment buildings as a gift from their immediate descendants by age group, the proportion of those in their 30s who are about to get married appears to be increasing.
As a result of Woori Bank’s Real Estate Research Lab analyzing the number of gifts of complex buildings (apartments, multi-unit apartment complexes, officetels, and commercial buildings) for which ownership transfer registration has been completed through the Court Registration Information Plaza, the age group that received the most gifts this year was those in their 30s (16.1%). ), which was found to be an increase of 1.6 percentage points (p) compared to the previous year (14.5%).
It is interpreted that the main reason for the increase in the number of beneficiaries aged 30 to 39 is the new ‘deduction for gifted property due to marriage’.
In order to alleviate the burden of marriage expenses, from January 1st, up to 100 million won of additional gift tax will be deducted from the taxable value of property gifted from a lineal ascendant ‘within 2 years before or after the date of marriage registration or within 2 years from the date of birth of a child’. With the establishment of the ‘deduction for gifted property following marriage’, the number of beneficiaries in that age group has increased.
The existing limit for deduction of gifted property between lineal ascendants and lineal descendants was 50 million won (20 million won for minors) for 10 years, so with this measure, newlyweds can now receive a total gift deduction of 300 million won.
However, as the aging population accelerates, the ages of donors and recipients are gradually increasing. It was found that the age group that made the most donations this year was those in their 70s or older (37%). As of 2020, the proportion of donors in their 70s or older was only 23.1%, but it has gradually increased since entering the 30% range at 36% last year. In addition, the age group that received the most gifts this year was in their 50s, accounting for 26.6%, a 6.5 point increase compared to 2020 (20.1%).
Ham Young-jin, head of Woori Bank’s Real Estate Research Lab, said, “In Korea, where the proportion of real estate assets is large, it seems necessary to consider policies that not only improve the management of assets held after retirement, but also help transfer assets to the donee, such as reducing the tax burden on gift tax.”
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2024-03-27 05:31:34