Deduction for investment in the main residence.
we are currently Ambit Assessor immersed in the 2014 tax season, which is why I want to briefly address a series of questions that our clients frequently ask us regarding the taxation of housing in the Personal Income Tax (IRPF).
After having seen one of the perhaps most misunderstood points of it, the imputation regime of real estate income, which are those that the taxpayer must include in his income tax return for being the holder/owner of a real right of enjoyment of a property, in this article we will continue with the deduction for acquisition of the main residence which, due to its importance, is one of the deductions that most affects taxpayers in monetary terms.
It's important to remember that the tax deduction for the purchase of a primary residence ended on December 31, 2012.Therefore, taxpayers who acquired their primary residence in 2013, 2014, or so far in 2015 can no longer claim this tax benefit. However, those who purchased their primary residence in 2012 or earlier retain this benefit and can deduct 15% of the investment, up to a limit of €9,040. (Maximum final deduction: €1,356).
In this regard, taxpayers who make deposits into housing accounts from 01/01/2013 onwards cannot apply this deduction either.
However, it is worth noting that in cases of extensions, renovations , or adaptations for people with disabilities, taxpayers will have until January 1, 2017, to continue receiving this tax relief benefit. Furthermore, in the case of home adaptations for people with disabilities, the percentage increases to 20% (25% in Catalonia) and the limit to €12,080.
Let us remember at this point that for the dwelling to be considered as the main residence for the purposes of the deduction, it must be inhabited for at least three continuous years, except for justified reasons (death, marriage, separation, job relocation, change or obtaining the first job of the taxpayer…)
Also for the purposes of the deduction, the taxpayer has a period of 1 year from the acquisition of the home or the completion of the works, if applicable, to live in it effectively and permanently.
Finally, it is also important to remember that the annexes, parking spaces (maximum two) that were acquired together with the home are considered as a main residence.
If you require our assistance to obtain more information or have any questions, please contact us via email at ambit@ambitassessor.com or at our offices.
Juan Ojea,
Tax and Accounting Area
Àmbit Assesor
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A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.
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