1706 Form PDF Details

BIR Form 1706 is the Capital Gains Tax Return for the Philippines. It covers the onerous transfer of real property classified as a capital asset, including cash sales, installment sales, and foreclosure sales. Both individual taxpayers and corporations must file this form whenever they sell, exchange, or otherwise dispose of real property not used in business operations.

When to File the 1706 Form

You must file the 1706 Form when you complete any of the following transactions involving real property in the Philippines:

Capital Gains Tax Calculation

The taxable base for the 1706 Form is the higher of the gross selling price or the fair market value of the property. Capital gains tax is fixed at 6% of the computed taxable base. The form requires a complete description of the transaction, including the date, seller and buyer information, and full property details.

1706 Form Filing Deadlines and Requirements

Taxpayers must file BIR Form 1706 at the Revenue District Office that has jurisdiction over the property location. The filing deadline is 30 days from the date the deed of sale is notarized. Taxpayers who reinvest the proceeds from the sale of a principal residence into a new principal residence within 18 months may qualify for a capital gains tax exemption.

After filing the 1706 Form, you may also need the BIR Form 2000-OT for documentary stamp tax on the same transaction. For payment of other BIR taxes and fees, use BIR Form 0605. For annual income tax obligations as an individual, see BIR Form 1701.

QuestionAnswer
Form Name1706 Form
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names1706 bir form 2018, 1706 bir form, bir form 1706 january 2018 encs, bir form 1706

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1. Start completing the sample filled up bir form 1706 with a number of necessary blank fields. Get all of the required information and make sure nothing is neglected!

Simple tips to fill in 1706 bir form 2018 stage 1

2. Just after filling in the last step, go to the next part and enter the necessary particulars in all these blank fields - If Exempt or others specify, Total Payments Collection During, Amount of Periodic Payment, No of Installments, Date of Installment, in the Contract, MMDDYYYY, Fair Market Value FMV Valuation, FMV of Land per latest Tax, FMV of Improvements per latest Tax, Determination of Taxable Base, Part II, Gross Selling Price, Fair Market Value of Land and, and On the Unutilized Portion of Sales.

Total Payments Collection During, Amount of Periodic Payment, and On the Unutilized Portion of Sales inside 1706 bir form 2018

You can potentially make a mistake when filling out the Total Payments Collection During, for that reason make sure you go through it again before you decide to submit it.

3. The third step is generally easy - fill out all of the fields in Total Amount, If Overpayment mark one box only, To be Issued a Tax Credit, To be Refunded, TaxpayerAuthorized Agent Signature, TitlePosition of Signatory, Part III, Particulars CashBank Debit Memo A, Tax Debit, Memo Others, Drawee Bank Agency, D e t a i l s of P a y m e n t, Date, Number, and MM DD YYYY in order to complete the current step.

1706 bir form 2018 conclusion process described (portion 3)

4. Your next part will require your details in the following areas: Schedule , Computation of Tax Base on the, For Onerous Transfer of Real, BIR FORM CAPITAL GAINS TAX RETURN, Guidelines and Instructions, Who shall file, This return shall be filed in, When and Where to File, The return shall be filed by the, In places where there are no AABs, The return shall be filed within, exchange or disposition of real, In case of installment sale where, which event the tax due thereon, and Penalties There shall be imposed. Always give all required info to go onward.

Ways to fill out 1706 bir form 2018 step 4

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