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2020Renta: how to compute the sale of the home in the personal income tax return

Monday, 23 March, 2020

Anyone who has sold a home should know that there is no right to deduct either for the purchase price or for the expenses related to its acquisition. It is at the time of the sale when these expenses must be taken into account to determine if there has been a capital gain or loss.

Gestha, the union of Technicians of the Ministry of Finance, recalls that the determination of the amount of capital gain or loss that is applicable is set by the difference between the values ​​of transmission and acquisition of the home.

And it is in computing the acquisition value in the sale of the home that we will take into account the expenses incurred in acquiring it. Thus, the acquisition value will be formed by the sum of:

    The price for which said acquisition would have been made.
    The cost of investments and improvements made in the acquired goods. At this point we must note that the maintenance and repair costs will not be included in any case.
    The expenses and taxes related to the acquisition. Here will be included:
    Commissions from real estate or other agents involved in the purchase operation.
    Notary and Registry expenses related to the acquisition deed and even the granting of the mortgage loan obtained for said acquisition.
    Payment of taxes such as Patrimonial Transmissions and Documented Legal Acts or VAT.
    Other expenses related to the constitution of the mortgage of the loan granted for its acquisition. In no case will the interest paid on the loan be computed.
    Any other expense incurred when making the purchase of the home and that was inherent to it.

In turn, the mortgage cancellation expenses will reduce the sale value.

On the other hand, the transmission value will consist of:

 

The actual amount for which the sale was made.
    The costs and taxes inherent in the transfer may be deducted from the previous amount, in the same sense expressed when referring to the acquisition value (real estate commissions, notary and Registry expenses, mortgage cancellation expenses) as soon as they had been paid by the transferor .

On the other hand, we must bear in mind that these expenses for the purchase of a home may also be deductible in the event that there is any specific deduction established by the Tax Law, such as the deduction for the acquisition of habitual state home or those that exist in some Autonomous Communities. The state deduction was abolished as of January 1, 2013 and although a transitional regime was established for those who practiced deduction prior to that date, those who currently acquire it cannot deduct either for the purchase price or expenses .

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