Home sales tax: what is involved and what should you pay attention to?

What can you do with your surplus value from the sale

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Home sales tax

When you want to sell your house and you have an equity value on your home, you naturally wonder what to do with it. Of course, another point is, you are going to sell your house and does that involve tax? How does the tax authorities look at this? It is therefore wise to determine what you are going to do with this equity when you are going to sell. There are different options and differences when you buy a new house with the money or when you use the money for other things.

What is the surplus value?

The equity of your house is the difference between the (remaining) mortgage and the home value, everything in between is equity. If this amount is negative, we are talking about residual debt. Nowadays many people have a surplus value. When you sell your house, you can use the equity to invest in your new home. The equity ensures that you have less financial risk when house prices fall.

What can you do with the surplus value?

Yes, you can do whatever you want with the equity. Even if you make the profit, there is no one who can forbid you. If you are planning to buy a new house in the near future, it is different. The tax authorities have an 'additional loan scheme', in which case you use the equity of your old house in addition to the future mortgage to buy a new house, then you may deduct mortgage interest from the tax authorities with your tax return. If you do not use the equity when purchasing a new home, you may not use the mortgage interest deduction.

What is an additional loan scheme?

If you are going to buy your next home within three years, after it has been sold. If you soon have to deal with the additional loan scheme, you may not deduct all the mortgage interest if you buy a new house and have the full purchase price financed by means of a mortgage. The tax authorities want you to eventually use the equity in your next home.

Tax and equity

In the Netherlands we do not pay tax on the profit from the home, so it is possible that a considerable amount is released in one go. If you have not bought a new home with the equity of your home, you only have to pay tax when the home has been sold. There is therefore a chance that the surplus value, i.e. the capital, will fall into box 3 (savings and investments).

Which costs are deductible when selling?

Non-deductible costs when selling

  • Deductible expenses on sale
  • Cost of Mortgage Advice
  • mortgage deed
  • Royee fees
  • Cost of applying for NHG (National Mortgage Guarantee)
  • Self-made costs for taking out a loan (e.g. telephone and travel costs)
  • Brokerage costs, e.g. the broker's commission is not deductible
  • Transfer tax and VAT
  • Notary fees
  • Cost of renovation and maintenance,
  • Energy label
  • Valuation costs

Tax return after selling your home

If your home has equity or residual debt, this ultimately also affects your tax return and what you owe the tax authorities. In the annual declaration you must declare the sale and purchase separately. When selling, you always pass on the sales price minus the sales costs incurred, such as any brokerage fees and the remaining mortgage amount. In this way you pass on the equity or residual debt to the tax authorities.

If you are not sure about your tax return, it can be useful to look at this with a tax advisor, via myonlinetax advisor you can easily schedule an online appointment with an advisor.

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What are normal brokerage fees for a real estate agent when selling a house?

The average sales commission for an real estate agent in the Netherlands lies between 1 and 1.5 percent. However, this depends on what you agree with the real estate agent in question. You can think of a bonus agreement or a different set of tasks.

If you would like to know more, carry on reading on the next page here further

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What are normal brokerage fees of a buying real estate agent?

In many cases, a purchase agent charges a lower brokerage fee than a selling agent. The average fee in the Netherlands for a buying real estate agent is between 0,5 and 1,0 percent. Also with a buying agent, the commission depends on the purchase price, the activities and the place where you want to buy a house in the Netherlands. Is the place or neighbourhood very popular? Then the estate agent can charge higher costs.

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Can I also get a price list from different real estate agents?

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