Home sale taxes: How much do I have to pay?
You already know that in a sale of an apartment the buyer must pay the associated taxes. However, the seller must also report to the tax agency with the corresponding payment. While the main tax to pay when buying an apartment will be the ITP, the taxes on home sales will mainly be the Personal Income Tax and the Municipal Capital Gains. But should these expenses always be paid or is there some way to avoid paying these taxes ? Let's see it in this article.How much is my house worth?
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All taxes on home sales
Taxes on home sales: IRPF (Personal Income Tax)
Whenever we sell an apartment we must include it in the income tax return. Personal income tax will only be taxed on the capital gain from said sale. That is to say, basically, only the difference between the sale price and the purchase price of the Chinese Overseas America Number Data home will be taxed .
If this difference is positive, you must pay the taxes related to said amount. On the contrary, if the difference is negative, it means that you will have incurred losses. In this case, you will be able to deduct these losses on your return.
Recommended reading: What taxes are paid when selling a house?
How much should I pay in personal income tax?
Suppose that the difference between the sale and purchase value of a home is positive. In this case, the capital gain will be taxed on the savings basis . Therefore, they will be taxed at a progressive rate that will range from 19% to 23% depending on the amount of the profits. In other words, the calculation of personal income tax depends on the declared profit, which will stipulate whether you will end up paying more or less taxes on the sale of your home.
The payment of taxes for the sale of a home in the form of personal income tax can be very high. To do this, the state contemplates some situations in which you can save yourself from paying this tax:
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Reinvestment in habitual residence : All capital gains that are reinvested in the purchase of a new habitual residence will be exempt from paying personal income tax.
Sale of habitual residence of a person over 65 years of age or people with a dependency situation : People over 65 years of age or highly dependent people will not have to worry about paying personal income tax if they sell their habitual residence.
People over 65 who allocate the profit from the sale to take out a life annuity : If you are over 65 and are going to sell a non-habitual home , you will be exempt from paying personal income tax if you reinvest the profit in taking out a life annuity.
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