If you are over 65 and sell your habitual residence you can save up to 100% of the taxes paid for the gain. (Treasury establishes a range of between 19% and 23% of the income obtained: the first 6,000 euros are taxed at 19%, a percentage that scales at 21% for income between 6,000.01 and 50,000 euros, while from that amount the tax that is applied is 23%). If the property belongs to two or more people, that is, it is of shared ownership and one of the spouses is less than 65 years old, only the exemption will apply to the owner over 65 years of age on the date of sale and with respect to the part of the habitual residence that belonged to. In summary: you must be over 65 years at the time of sale, and that the habitual residence goes to be sold.

If what is sold is another type of property and not the habitual residence, then the 100% tax credit would be apply only if the over-65-year-old reinvests the income obtained in a life annuity that has to be contracted with an insurer or a bank.Bearing in mind, that the maximum amount whose reinvestment would give the right to apply the exemption will be 240,000 euros. Do not forget that the money that is obtained through the life annuity must also paid in the income tax, with what you have to do numbers and decide what is the best for you. At Focus Legal we can advise you on any question of fiscal nature that may arise. Feel free to contact us.

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