Itís Your Money > Taxes

question on taxes


John Edwards:
This question has probably already been answered somewhere in here but I didn't see it.
When I buy a house or buy land and build a house it will be in my future wife's name, that much I know. The question is Since it is in her name will she have to pay taxes on the value of said land and house? Here in the US it would be called a Gift Tax. Is there something like that in the Philippines?

Gray Wolf:
I know of no "gift tax" but she will be required to pay taxes on the land itself.  And, from what I understand, she'll pay no taxes on the "improvements" located on that land, just tax for the land.

If anyone else knows differently, please speak up

She will have to pay taxes on land and the house when you apply for building permit and an occupancy permit for electric connection, water, etc 

After construction the local tax accessor will then pay you a visit and determine what the tax will be on the house and improvements varies depending on what are of the country you live in

They even have a yearly tax on our rice milling equipment its best to contact you local municipality if you want to know the tax rates

Tom / Roxas  City

John Edwards:
Was not worried about the taxes on the land or house, that much is a given. Like Mark Twain said, "noting is sure but death and taxes."
My concern was if she had to pay income taxes on the money it took to buy the property, since it was now her property.

Gray Wolf:
My guess/opinion is no, it wouldn't be considered "income". 


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