[One Sip of a Book] Real Estate Tax Saving Secrets: 'Secret Tax Techniques Only Real Estate Millionaires Know'

Some sentences encapsulate the entire content of the book itself, while others instantly resonate with the reader’s heart, creating a connection with the book. We introduce such meaningful sentences excerpted from the book. - Editor’s note

It is common for people who have made profits through real estate investment to end up paying most of their capital gains as taxes due to a lack of tax knowledge. The most practical and wise approach is to learn tax-saving knowledge and apply it while adhering to the law. There are many benefits for first-generation single-homeowners, but many miss out on tax-saving opportunities due to lack of awareness. This book provides invaluable tax knowledge to help avoid such losses.

There are broadly three types of people who purchase real estate. The first type is homebuyers in their 30s and 40s who are genuinely seeking to own a home. This is probably the largest group and is often influenced by media information. The second type consists of young adults with limited capital who rely on parental support and maximum loans to buy a home. These individuals are often targets of the National Tax Service’s source of funds investigations. The third type includes those with surplus funds who invest in real estate to generate profits through trading. This group is most affected by real estate policies. In my experience as a housing consultant, many clients belong to this third category.

- From page 11

It is no exaggeration to say that most people with a certain amount of savings engage in real estate investment, as real estate plays a major role in building stable assets. Real estate investment requires careful consideration of regulations and restrictions, and once invested, it often becomes a battle with taxes from start to finish. While real estate investment has been regarded as a form of financial management in the transition from developing to developed countries, it is now closer to a survival strategy, with many investing to secure a stable retirement. Alternatively, it may be a struggle for younger generations to secure a stable home. Since taxes are inseparable from real estate, from homeownership to real estate investment, tax knowledge and tax-saving strategies are crucial.

- From page 33

For those who own multiple homes, capital gains tax can be a heavy burden. Especially when additional taxes are applied, the tax amount can increase unexpectedly, making it necessary to keep up with annual tax law revisions. The additional capital gains tax is imposed to curb ruthless real estate speculation by increasing the tax rate for households owning two or more homes. Whether the property is located in a regulated area or elsewhere determines whether the additional tax applies.

- From page 254

Secret Tax Strategies Known Only to Real Estate Millionaires | Written by Kim Dongwan & Park Junghyun | Dodo | 308 pages | 18,000 KRW