When a house is sold, the owner has to face a series of associated expenses, derived from both the municipal capital gain and the obligations imposed by the Treasury. The Tax Agency requires including it in the Income Tax return if there has been a capital gain, an income to be taken into account when carrying out this procedure that began its 2024 campaign on April 3.
When a home is sold, personal income tax is calculated according to the capital gain, if any, and is paid in the income of the year immediately following the year in which the purchase and sale operation took place. However, there are times when you may be exempt from paying personal income tax, and that is why the Treasury has issued a notice to homeowners.
Exemptions in paying personal income tax for homeowners
The Tax Agency has reported on the different exemptions by which the owner of a home could be exempt from paying personal income tax. This is the case of those who reinvest in a habitual residence, that is, when a house is sold to buy another.
However, for this a series of requirements must be met, such as that the home to be sold must be the usual one, having resided there for at least three years continuously (if this is not met, but the change of residence was for justified reasons ). , you can also enjoy this tax benefit), just as the new one must become your habitual residence, inhabiting it within 12 months of the purchase or completion of the works. In addition, there is a period of two years to make the reinvestment, both before and after the sale; and for a total reinvestment, all the money from the sale must be used for the new acquisition of the property. If there is a surplus, it is only possible to partially benefit from the exemption.
On the other hand, those over 65 years of age have no obligation to pay personal income tax for the sale of their habitual residence, regardless of whether they invest the money in purchasing or any other property. If it is a second residence, they will have to pay taxes, unless the money is used to contract a life annuity.
This must be contracted within a period of 6 months from the date of sale, with a frequency less than or equal to one year and beginning to receive it within a period of one year from the constitution. Likewise, the bank or insurance entity must be informed that it is money that comes from the sale of a property and the desire to benefit from the exemption, for which the maximum amount whose reinvestment provides the right to enjoy it is located at 240,000 euros.
A third exemption comes from the delivery of the apartment in dación en pago. In the event that you had to hand over your home in lieu of payment due to not being able to pay the mortgage, there is also the possibility of enjoying the exemption from paying personal income tax, although for this it is essential that you do not have another property owned that can satisfy the total debt with its value.
In this case, to determine whether a capital gain or loss was obtained, the difference between the acquisition value of the apartment that is transferred, as well as its transmission value, will be used, the latter being the value of the debt that is seen. . extinguished through dation in payment.
