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  • I have paid tax on the profit abroad

You must do the following:

Delete the holiday home from your tax return

As you have sold the property, you must delete it from your tax return. You do this by setting the capital value of the property to 0 under item 4.6.1.

Register the profit from the sale in your tax return if it is taxable in Norway

The profit from the sale of a holiday home will normally be taxable in Norway, even if it is situated abroad. However, the profit may be tax-free in some cases.

If the profit is taxable in Norway, you must:

Declare the profit from the sale under item 3.1.11 in the tax return.

The profit must be declared in Norwegian kroner. If you have to convert the amount from a foreign currency, you must use the Norges Bank's bid rate as of the date of payment of the profit.

Look after your documentation

You do not need to attach documentation of the profit calculation to the tax return, but you must be able to present it to us it if we ask to see it later. You must be able to present the following documentation:

  • Purchase contract
  • Sales contract
  • Any documentation for improvements to the holiday home
  • Any documentation of other expenses linked to the holiday home (e.g. agent costs)

The Norwegian Tax Administration may require documentation in a non-Nordic language to be translated into Norwegian or English by an officially authorised translator.

You will not pay double tax

Norway has treaties with certain countries which determine where profits made on the sale of residential properties will be taxed. If the property is situated in one of the countries in this list, the profit will not be taxed in Norway. If the country in which your holiday home is situated is not shown in the list, you can claim a deduction from your Norwegian tax for the tax you have paid abroad.

If you believe you are entitled to a deduction, you must:

  • Tick item 1.5.6 for credit deduction in the tax return.
  • Submit form RF-1147E Deduction for tax paid abroad by a person – credit deduction together with your tax return.
  • Document tax paid abroad. The documentation must originate from the tax authorities concerned, and show:
    • The income year that the tax concerns
    • That the tax has been assessed with final effect, not just calculated provisionally
    • That the tax has actually been paid
    • That it is tax on the profit (and not, for example, tax on wealth) that you have paid

The Norwegian Tax Administration may require documentation in a non-Nordic language to be translated into Norwegian or English by an officially authorised translator.

The documentation must be attached to the tax return.

Amend tax deduction card?

When you sell a holiday home, it can affect the basis for your tax deduction card (capital, debt and interest on debt). If you did not inform us about these changes when you applied for a tax deduction card, you should consider amending your tax deduction card.

Have you also rented out the property?

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