Tim34

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About Tim34

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  • Location Cologne
  • Nationality Italian
  • Gender Male
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  1. Importing non taxable income to Germany

      2B_orNot2B, thank you and thank you to the other members for your answers.   I did it purposely and in good faith.   Albeit similar, the two posts are related to two different cases and my intention was to avoid confusion, considering the proximity and partial overlapping of the posts. The previous is related to importing capital, this post is related to importing non-taxable income.   However, if you deem it wrong, I can collect all answers, delete them both and put everything in one post. (I hope I can still remove a post, if not, perhaps I’ll ask a moderator)
  2. Hi All,   I have an apartment in Italy that I rented in the past years.  According to my tax berater and thanks to the agreement between Germany and Italy against double taxation, the taxes over rental income are paid only in Italy (and they duly are).    Now, in the past years I have accrued a (relatively) small amount of money on my Italian account as in fact the incoming rent piled up there (my salary here was enough and I have not invested what I was doing).   Now I will sell the apartment and I intend to close the italian bank account. If I transfer an amount of approximately 20000 Eur from my italian bank account to my german bank account, do I need to inform the Bundesbank? Where? How?  Regarding taxes, is there a way I can flag/explain the transaction so that the Finanzamt will know that this is non-taxable rental income?   Thank you for your help!        
  3. Importing capitals to Germany

    Hi All,   I am soon going to relocate to Dresden and I am thinking to sell an apartment I own in Italy to finally settle down there. I currently am a German fiscal resident  and I have purchased my property in Italy more than 10 years ago.   Now the question is: what happens in the eyes of the Finanzamt if I move let's say 200000 Eur from my own bank account in Italy to my bank account in Germany? My take is that they should not be taxed. I have read the Italian-German agreement against double-taxation and there it is clearly stated that income from real estate is taxed in the country where the real estate is. Plus this is actually not income, this is capital and for the fact that the property was purchased more than ten years ago, as far as I know there should not  be a capital-gain tax (which will be anyway microscopic, prices plummeted in Italy since the 2008 crisis . Depending on the negotiation I may even end up selling under my initial purchase value). Are there other taxes to consider on top of the capital gains? Your comments are welcome indeed.   Assuming that the capital should not be taxed (I hope I am right). How do I actually import the money here in Germany? I know there is a limit of 12500 EUR beyond which transactions must be somewhat explained. So when I do a transaction of say 200000 EUR from my italian bank account to my german bank account, do I need to inform the Bundesbank? Where? How? Regarding taxes, is there a way I can flag/explain the transaction so that the Finanzamt will know what that is?   (this leads to another question that I will post in a minute in a following post)   Thank you!!