The increased taxation on sales of properties renovated with the superbonus is officially in force. Even if it was already active from January 1, 2024a recent circular from the Revenue Agency (n. 13/E/2024) outlined the detailed instructions for the application of the new capital gains regime established by the 2024 Budget Law.
How the new taxation will work
Issued on 13 June, the circular establishes precise criteria for the calculation of capital gains and describes the exemptions provided. The law applies to all types of properties that have benefited from subsidized interventions, regardless of who carried out the work.
The new tax regulation modifies articles 67 and 68 of the TUIR, introducing a capital gain taxable for properties subjected to subsidized interventions completed within ten years of the sale. Capital gain is defined as the difference between the sales price and the cost of purchasing or building the property, including all related costs.
To correctly determine the capital gain, it is necessary to keep all the documentation relating to the costs incurred for the purchase, construction and subsidized interventions on the property. The completion date of the works must be proven by the administrative authorizations or communications required by current regulations.
For the first five years from the conclusion of the works, the expenses incurred for the Superbonus cannot increase the cost of the property if options for the discount on the invoice or the transfer of the credit have been exercised. If the sale takes place more than five years after the completion of the works, 50% of the expenses incurred can be included in the cost of the property.
For ten yearsthose who sell a second home, unless it was inherited or gifted, they will face a 26% tax on the capital gain generated by the sale, considered as other income. Furthermore, a mechanism has been introduced which provides for the non-deductibility of restructuring costs: total for the first five years and 50% for the following five years.
As regards non-deductibility, it is specified that only subsidized costs with the 110% superbonus will be counted. Super bonuses with reduced rates, such as 90% or 70%, are therefore excluded. Furthermore, the non-deductibility will not affect those who used the superbonus in the declaration, but will only be applied in the case of credit transfer and discount on the invoice.
The Government’s objective is to target renovation and resale operations carried out for speculative purposes, forcing many owners to “return” part of the benefits obtained with the 110% superbonus.
Changes in the state of real estate
The 2024 Budget Law also introduces new provisions regarding changes in the status of real estate properties subject to interventions facilitated with the Superbonus. The Revenue Agency must verify, through specific selective lists, the presentation of the cadastral change declaration.
Changes in the status of real estate can have significant fiscal impacts, influencing the cadastral income and, consequently, the real estate tax.
Impact on common areas
The Revenue Agency circular clarifies that the new taxation it applies even if the renovation works only concern the common parts of a condominium, without touching the individual apartments. Furthermore, the ten-year period within which taxation applies will be calculated from the end of the works.
