SALE OF PROPERTY What are the taxes that have to be paid?
The taxes that a person has to pay when selling a property are the IRPF, PLUSVALIA MUNICIPAL AND IBI taxes.
IRPF (PERSONAL INCOME TAX)
Capital gain or loss arising from the sale of a real estate property.
Determination of the taxable base:
This is obtained by the difference between the acquisition value and the transfer value.
To the actual acquisition value must be added the costs of,
– investments and improvements as long as these do not come from expenses corresponding to conservation and repair.
– Commissions, notary and registration fees.
– Taxes paid on the acquisition.
Once we have the result, we have to subtract the transfer value (Actual amount – expenses and taxes). This will give the taxable base which will be multiplied by the corresponding tax rate. The tax rate will be 19% for non-residents and between 19 and 28% for residents.
Payment date and deadline:
In the tax return campaign corresponding to the year following the year of the sale.
MUNICIPAL CAPITAL GAINS TAX
Tax on the increase in value of urban land.
It becomes apparent as a consequence of the transfer of urban property.
It is accrued at the moment the transfer takes place and there is a period of 30 working days to pay (may vary).
Methods of payment:
It can be settled both by the objective method, which is the most common, and by the actual method, and it must always be made clear which method is preferred.
It is a local tax, so each municipality regulates it and establishes its own tax channels and benefits.
PROPERTY TAX (IBI).
It taxes the value of real estate according to its tourist nature.
Its payment is annual and the taxpayer is the owner on the first day of the year, which is why it is more usual and advisable for the seller and buyer to agree on the payment of the same, so that the seller pays the proportional part that corresponds to him.
These are some of the aspects that must be taken into account when selling a property. We are at your disposal to advise you on everything.