There are thousands of Spaniards who receive notices of Tax authorities throughout the year, like the letter of fear that is about to reach homes. However, others have specific recipients, such as latest notice that has just been released by those over 65 years of age and who own a home. The Tax Agency wanted to remind us of the tax considerations that must be taken into account when selling a property.
It must be taken into account that anyone who sells their home and is over 65 years old They can benefit from exemptions in the Income Tax returnthat is, when you must pay taxes on that asset in the Personal Income Tax (IRPF). Below, we explain what these exemptions are and the Treasury’s recommendations to avoid fines with the Treasury.
What are the personal income tax exemptions for people over 65?
In general terms, the sale of a home generates a capital gain that must be taxed in personal income tax. However, the regulations contemplate a series of exemptions that owners over 65 years of age can apply.
One of the main advantages is that, If the home sold has been the owner’s habitual residence for at least two years prior to the transaction, the gain derived from the sale will be exempt from personal income tax tax.
This exemption also extends to those owners who, having reserved a lifetime usufruct over the property, They transmit only bare ownershipthat is, the right over the property without including the use and enjoyment of it.
What are the tax recommendations of the Treasury after the sale of a house?
The Treasury clarifies that, in order to apply the exemptions, It is essential that the home has been the owner’s habitual residence during the two years prior to the sale. If this requirement is not met, it will not be possible to access the exemption.
Likewise, the tax agency emphasizes that those over 65 years of age who decide to transfer only bare ownership, that is, without ceding the right to use the property, may also benefit from the exemption, as long as the other established criteria are met. .