Three reasons to choose an annual tax return with Efremtid.no
- We have extensive experience – we have been handling tax returns since 2005. This means we know how to help you through a favourable annual tax return process.
- We handle everything online – you do not need to come to our office. You only need to complete a simple form.
- We guarantee ongoing contact and support – we are available on working days from 9:00 to 21:00 by phone: +47 21 38 38 21. You can ask any question about your tax return, and we will do our best to respond reliably and efficiently.
1. What does the service include?
This service is only an add-on to the private annual tax return service. Without ordering this service, we will not be able to report the property sale in your annual tax return.
In addition to the standard tax return described above, the service includes**:**
- Entering information about the loss or gain from the sale of the property
- Reporting ownership of the property
- Information about the completion of the tax return and the next steps
- Support in case of additional questions
NOTE: The decision on whether the return is approved is made by the tax office in Norway. The service only covers mediation between you and the tax office.
2. What information do we need?
Before providing the service we will ask you to complete a form. It will be sent by email after ordering the service. It is necessary to include all required information in the tax return.
3. What do we add?
Loss on the sale of property
When selling property, as with rental income, there are different tax rules. For example, the sale of a house that you have owned for at least one year and lived in for at least 1 of the last 2 years is tax-free. The sale of a holiday cottage that you have owned for at least 5 years and used for holidays for at least 5 of the last 8 years is also tax-free. You can check the exact rules on the Skatteetaten website, but if you have to tax the sale of property and you sold it at a loss – for example, if it was worth 1 200 000 kr and you sold it for 1 100 000 kr, the difference is deductible from tax. Likewise, a gain from the sale is taxable.
NOTE: This applies only if the property was previously reported to the tax office.
Gains from the sale of property
The sale of property (if it creates a tax liability, see the example rules in the section “Loss on the sale of property”) also needs to be included in the annual tax return. If there is no entry for a gain or loss – it must be included. This also applies to foreign property. Documentation of the purchase and sale is required to show the gain or loss. In addition, foreign property owned must also be entered in the return according to its value. This increases your assets, which may result in wealth tax (above 1,7 million kroner, assets are taxed in Norway)
NOTE: This applies only if the property was previously reported to the tax office.