Annual private settlement - Sale of real estate

Three reasons to choose annual settlement with Efremtid.no

1. We have a lot of experience – we have been dealing with settlements since 2005. Thanks to this, we know how to help you in the process of favorable annual settlement.
2. We do everything online – you don't have to come to our office. You just fill out a simple form.
3. We guarantee constant contact and support – we are available on weekdays from 9:00 a.m. to 21:00 p.m. by phone: +47 21 38 38 21. You can ask any question regarding your settlement, and we will try to answer as reliably and efficiently as possible.

1. What does the service include?

This service is only a complement to private annual settlement services. No order required this service, we will not be able to report the sale of real estate in the annual settlement.

The service, apart from the standard settlement described above, includes::

• Entering information regarding loss or profit from the sale of real estate
• Demonstrating ownership of real estate
• Information about the settlement and further procedure
• Support in case of additional questions

WARNING: The decision regarding the approval of the return rests with the tax office in Norway. The service only covers mediation between you and the office.

2. What information do we need?

Before the service is performed we will ask you to fill out the form. It will be sent by e-mail after ordering the service. It is necessary to include all required information in your billing.

3. What do we add?

Loss on sale of real estate

When selling real estate, just like when renting, there are different taxation rules. For example, the sale of a house that you have owned for at least a year and have lived in for at least 1 of the last 2 years is tax-free. The sale of a holiday home that you have owned for at least 5 years and have used it on holiday 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 real estate and you sold it at a loss - e.g. its value was 1 kr and you sold it for 200 kr, the difference is tax deductible. Similarly, profit from sale is taxable.

WARNING: This only applies to situations in which the property has been previously reported to the office.

Profits from the sale of real estate

The sale of real estate (if it results in a tax liability, sample rules in the "Loss from the sale of real estate" section) also needs to be included in the annual settlement. If there is no profit or loss entry, this should be included. This also applies to foreign real estate. Documentation of purchases and sales is necessary to show profit or loss. Additionally, your foreign real estate should also be entered in your return according to its value. This increases the estate, resulting in possible wealth tax (over 1,7 million kroner wealth is taxed in Norway)

WARNING: This only applies to situations in which the property has been previously reported to the office.