Chapter 1: Inheritance and Gifts: How to Give More and Receive More While Saving on Taxes

First Steps to Tax Knowledge
1.
Inheritance Tax vs. Gift Tax: The Key Difference Is Timing
2.
Who should pay taxes?
3.
This is how taxes are calculated
4.
The First Step to Tax Savings: Using Deductions
5.
Practical tips for saving inheritance and gifts
6.
Inheritance and gift tax reporting and payment, fines for missing deadlines

example
1.
Living expenses taken from my dad's bank account for 5 years... I never thought I'd get hit with an 'inheritance tax' bomb because I couldn't prove the expenses.
2.
Ah! I didn't know when I borrowed money from my father to buy a house... that I would have to pay gift tax even though I paid interest.
3.
The gift tax on the apartment alone is over 300 million won... You might be able to save on taxes by selling it for cheap instead of giving it away.
4.
"Saving 20 million won with my daughter-in-law's love" What was the 'tax-saving magic' that worked when my son and his wife bought a house?
5.
"Dad, you should have given it to your son-in-law instead of me." When I tried to sell the apartment I received as a gift, I found out that the tax was a whopping 180 million won.
6.
I passed down a house with a deposit, but my son was hit with a 'gift tax' and my father was hit with a 'transfer tax'... Why is this happening?
7.
I gave my grandchild an apartment and it was a tax bomb... What's the difference between this and inheritance from children?
8.
"Son, I'll give you the land later, the building first." Thanks to his father's words, he saved 1.3 billion won.
9.
Even though the inheritance tax on the house her father left her was zero, the wise daughter reported it and saved 200 million won in transfer tax.
10.
After my mother's funeral, I had no money or home, but I owed 47 million won in inheritance tax... With just one document, it can be reduced to 0 won.
11.
"I've lived in this house with my mother for over 20 years. Is this the right transfer tax?"... You need to know this properly to avoid being surprised.
12.
The only inheritance I have is the house we lived in together, but I have to pay 30 million won in acquisition tax... What is the requirement for not owning a house as an inheritance?
13.
Two houses inherited from their father... The story of how only the older brother received tax exemption while the younger brother was subject to capital gains tax.
14.
Same only daughter, same 2 billion won apartment inheritance... Someone paid 200 million won more in taxes. What happened?
15.
I'm giving my son 300 million won for his wedding, but the tax is 40 million won... I even have to write a 'loan receipt'.
16.
They said there was no gift tax on up to 150 million won if you gave birth... but now I have to pay 90 million won because I live in a different place.
17.
Even after remarriage and childbirth, a father's love never ends... but there's a limit to tax-free gifts.
18.
"Son, I need to return the stocks." A mother's exquisite cancellation saved her 140 million won in gift tax.
19.
"Son, I never thought you'd spend 500 million on that..." The father who provided the start-up capital sighs at the 100 million won gift tax.
20.
I paid nearly 100 million won in insurance premiums, but inheritance tax is also applied to the death benefit… What are the tax exemption requirements for insurance benefits?

Chapter 2: Real Estate: How to Save More Than Your Home's Value by Saving on Taxes

First Steps to Tax Knowledge
1.
You also have to pay taxes when acquiring real estate.
2.
What taxes do you pay when owning real estate?
3.
Essential knowledge about capital gains tax, the tax you pay when selling real estate.
4.
How to Save on Real Estate Taxes

example
1.
If you're considering a double contract, you might be hit with a 300 million won tax bomb while trying to save 6 million won in back pay.
2.
I just returned the deposit, but I could be caught for tax evasion.
3.
"Honey, at this rate, I'll end up paying 10 million won in taxes." A single-home owner who used to receive monthly rent is worried about rising housing prices. What's going on?
4.
I thought the single-family home system was a good deal... but I lost tens of millions of won because I didn't sign the joint names of my spouse.
5.
Just trying to get a monthly officetel rent in my old age... Why I ended up with a 100 million won tax bomb
6.
"I'm paying 100 million won in taxes just because I haven't lived here for two years." There's a way to receive tax-exempt benefits.
7.
"I sold my only home" and followed my children abroad to study, hitting a 190 million won tax bomb... If only I had known 'this'
8.
"Honey, what's with the 100 million won tax-free bomb?" The price of moving into a Gangnam redevelopment project was too high.
9.
"I received the same apartment subscription right" Why is the transfer tax '0 won vs. 150 million won'?
10.
Land inherited from his father was selected as a public housing site, receiving a compensation of 4.8 billion won. Thanks to this, he also saved 180 million won in taxes.

Chapter 3: Income Tax: How to Save an Extra Month's Wage

First Steps to Tax Knowledge
1.
Comprehensive income tax: What kind of money is it applied to?
2.
Comprehensive income tax is a May homework assignment. There are certain people who must file.
3.
If you don't file your comprehensive income tax return, you'll lose your deductions and even face additional penalties.
4.
Comprehensive income tax, how is it calculated?
5.
Deposits and stock dividends are subject to comprehensive taxation unconditionally.
6.
Do I have to pay taxes on stock trading profits?
7.
To avoid being subject to comprehensive taxation on financial income

example
1.
I bought a car with the 40 million won I earned from investing, but now I'm facing a tax refund of tens of millions of won.
2.
I earned 30 million won through savings and ETFs... but only one person paid 2.5 million won in taxes.
3.
Even if you make money from overseas stocks, you won't receive all of it... Remember the 22% capital gains tax.
4.
"Ah! I should've listened to my wife." I sold US stocks, believing my overdraft account was overpaid. I was hit with a whopping 10 million won in capital gains tax.
5.
"Honey, suddenly I'm owed 60 million won..." The story of a billionaire who was hit with a 600 million won fine.
6.
"We broke our housing contract, and now we're being asked to pay taxes too." A couple who received 100 million won in penalties was hit hard.
7.
"Oh! I should've called HR." Stock option exercise: Missing this one application could result in a 62 million won tax bill.
8.
A YouTuber with 1 million subscribers and a yearly income of 200 million won is hit with a 150 million won tax bill... Why you need to report every penny you earn.
9.
The transfer tax is 3.7 billion won, but they're paying it "half price"... This is why "real estate tycoons" create corporations.
10.
What if I paid too much or too little tax? Just because I paid it doesn't mean it's over.

Chapter 4: How to Fatten Your Bank Account with Year-End Tax Settlement and Severance Pay Tax Savings

First Steps to Tax Knowledge
1.
What is year-end tax settlement?
2.
There are tax benefits even when receiving a pension.
3.
You can also receive your retirement pay with less tax!

example
1.
My mother sold her country garden and was denied a personal deduction for her year-end tax settlement. This is how I got hit with a tax bomb.
2.
"Missing this will cost you 1.49 million won." If you live in a rented house and want to receive a bigger year-end tax settlement, be sure to check this out.
3.
"This method saves you 40% on your retirement income tax." A great tip for those nearing retirement.
4.
"If you misuse your hard-earned retirement fund, you could lose 880,000 won." Be sure to check this when withdrawing pension from your IRP.
5.
"I couldn't believe my eyes when it came to retirement pay taxes." The aftermath of the interim tax settlement was significant, but this document saved me 5.3 million won.

“It’s good to know, but it’s difficult and unfamiliar, so I don’t know where to start.”

When the topic of tax savings is brought up, many people respond like this.
So, this book starts from something close to our daily lives to help alleviate that feeling of helplessness.

There are more 'tax moments' hidden in our lives than we think.

From money transactions between parents and children to opportunities where you could save money with just a simple document.
This book is a practical guide to reducing such gaps and capturing tax-saving points that are easily overlooked.

This book contains tax-saving know-how that can be applied directly in tax situations.

We were joined by tax experts who have long advised bank VVIP clients and reporters who explain the economy in an easy-to-understand manner.

If you make information too easy to understand, you can easily lose trust, and if you focus only on expertise, you will alienate your readers.

This book is the result of a fierce struggle to find a balance between the two, providing "easy yet accurate tax-saving information."

It is organized around various tax concerns that we actually face.
We have included real-life situations that frequently occur in each generation as examples, such as 'Chang-ha' in his 50s and 60s, who is worried about retirement income tax and his parents' inherited house after retirement, and 'Dong-seop' in his 20s and 30s, who borrows money from his parents to buy a new home or start a business.

You don't have to read this book from beginning to end.
After lightly learning the basic concepts in the first part, it is sufficient to select and read cases that apply to you or that you are curious about.

The principles may seem a little unfamiliar at first, but don't worry.
Because we explain key concepts repeatedly in each case, you will naturally understand them as you read.
By the time you read it a second time, just by looking at the case introduction, you'll get the idea, "Ah, so that's why I got that tax bill."

From then on, you can just skim through the 'Tax Saving Checkpoints' summarized at the end of each case, and we've organized them so you won't miss the key points of tax saving.
We will be a light and reliable tool, like your home tax savings notebook that you take out whenever you have questions about taxes.
Now, we will be starting with “Tax-saving secrets that make you money if you know it, but cost you money if you don’t know it” so that you can become “money that you know how to protect.”