ᐅ Is a Tax Advisor Useful? Home Construction, Rental Income, Depreciation, Photovoltaic Systems, and More
Created on: 8 Mar 2020 20:52
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allstar83
Hello everyone,
I would like to know if, in your opinion, it might be worthwhile to consult with a tax advisor during the course of a new build. So far, we have always handled everything ourselves. However, the following situations apply to us, and I would like to avoid “saving” in the wrong places and not taking full advantage of all possibilities. Perhaps there are even tips relevant to the construction phase?
By the way, what are/were your experiences?
Thank you!
I would like to know if, in your opinion, it might be worthwhile to consult with a tax advisor during the course of a new build. So far, we have always handled everything ourselves. However, the following situations apply to us, and I would like to avoid “saving” in the wrong places and not taking full advantage of all possibilities. Perhaps there are even tips relevant to the construction phase?
- New build with a granny flat (secondary unit / accessory dwelling unit)
- Possible rental of the granny flat
- Consequently: special depreciation for newly built rental housing
- “Straight-line” depreciation for rental property
- Re-rental of existing condominium
- Possible photovoltaic system
- Part-time work, parental leave (all within last year, this year, next year)
- Several small businesses in addition to regular employment
- ...
By the way, what are/were your experiences?
Thank you!
N
nordanney9 Mar 2020 13:20guckuck2 schrieb:
I had that explicitly checked back then. We did as well. Two small businesses without sales tax + photovoltaic system including sales tax. It ran for three years (sales tax, business tax, income tax...).
nordanney schrieb:
We have the same situation. Two small businesses without sales tax plus photovoltaic system including sales tax. This went on for three years (sales tax, business tax, income tax...). I would instinctively say that guckuck is right.
For all businesses owned by one individual, you only file one sales tax return.
Is the photovoltaic system possibly operated as a partnership (GbR)?
Alternatively, do you have any tax-exempt revenues, for example from brokering loans or insurance?
Musketier schrieb:
Is the photovoltaic system possibly operated as a civil-law partnership (GbR)?A GbR could be an option, although it must not be used explicitly for tax optimization. But well, that’s probably the common case.
If the other small businesses are run using the flat-rate scheme (KUR) and have tax-exempt revenues, this might be one of the exceptions currently in place.
There is also a de minimis threshold below which no tax is charged ... but then you don’t use the KUR, instead you apply this exemption limit.
Otherwise, I strongly advise caution, since the determination of whether VAT is due lies with the taxpayer. That means you won’t be explicitly notified.
If you incorrectly applied the KUR, the burden falls on you. In other words, VAT must be paid retroactively on all invoices. Ouch.
To return to the topic, there are some pitfalls regarding the allocation of costs, especially for mixed-use properties. I recently read a current article about this issue, where tax authorities and courts rejected the cost allocation approach if payments were not made through separate bank accounts.
For re-renting the existing condominium, you will also need a basis for calculating depreciation (Afa), and so on. Get professional advice on this. If it becomes too expensive, you might consider having your tax return prepared for one year and then handle it yourself the following year.
For re-renting the existing condominium, you will also need a basis for calculating depreciation (Afa), and so on. Get professional advice on this. If it becomes too expensive, you might consider having your tax return prepared for one year and then handle it yourself the following year.
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