NEW REGIME:Inheritors should carefully weigh tax considerations if planning to sell their new asset, as gains on long-held properties can be taxed at 10%, an analyst said
Date: May 30, 2016
By: Crystal Hsu / Staff reporter
The number of homes inherited in the first quarter rose 6 percent year-on-year to a record high of 11,700 units, with the figure set to rise further with a rapidly aging population, Sinyi Realty Inc (信義房屋) said.
The continued pickup in the number is in stark contrast with the sluggish housing market and merits careful study of property taxes for heirs planning to cash out, the nation’s only listed broker said.
“The fast-aging population is set to push the number of homes inherited higher, as more than 80 percent of Taiwanese own their own homes and most opt to pass their assets down to younger generations,” Sinyi researcher Tseng Ching-der (曾敬德) said in a recent report.
The National Development Council predicts Taiwan is set to become an “aged” society by 2018 — meaning 14 percent or more of its population are 65 or older, according to the UN’s definition. [FULL STORY]