The deadline to file a real estate wealth tax return has been extended to 12 June 2020 for non-French tax residents and to 4 June 2020 for those with French taxable income, filing online.
By way of reminder, since 1 January 2018, French wealth tax has been replaced by an annual real estate wealth tax, known as Impôt sur la Fortune Immobilière (‘IFI’). This is a tax on real estate limited to non-business related, real estate assets.
Non-French tax residents are only taxable on French real estate assets, whereas French residents are taxable on their worldwide real estate assets. Regardless of your residence position, or your marital status, you are taxed as one household for IFI purposes, and this includes your spouse and minor children.
You will be liable to pay IFI in 2020 if the net market value of your French real estate assets exceeds €1.3m as at 1 January 2020.
This article is for general information; you should not rely on it without taking advice on the specific facts of your case. For further information please speak to your usual Druces contact or to: