Sale of Spanish property by non-resident
#1
Forum Regular
Thread Starter
Joined: Dec 2011
Posts: 253
Sale of Spanish property by non-resident
I understand that when a non resident sells a property, capital gains tax is due in Spain on the profit. Is the 7% or 8% 'stamp duty' paid when the property was purchased allowed as a deduction when calculating the gain? Are there any other deductions allowed ? Is there any form of indexation allowed. ? Many thanks for any info
#2
Re: Sale of Spanish property by non-resident
I understand that when a non resident sells a property, capital gains tax is due in Spain on the profit. Is the 7% or 8% 'stamp duty' paid when the property was purchased allowed as a deduction when calculating the gain? Are there any other deductions allowed ? Is there any form of indexation allowed. ? Many thanks for any info
Well done for making a profit!!! Hasn't your abogado advised?
#3
Re: Sale of Spanish property by non-resident
I understand that when a non resident sells a property, capital gains tax is due in Spain on the profit. Is the 7% or 8% 'stamp duty' paid when the property was purchased allowed as a deduction when calculating the gain? Are there any other deductions allowed ? Is there any form of indexation allowed. ? Many thanks for any info
#4
Re: Sale of Spanish property by non-resident
You can deduct the costs of buying and selling, ie transfer taxes, agents fees etc. There used to be an indexation allowance, but that was scrapped at the start of this year. Major alterations improvements and additions may be allowed but not anything that was just a replacement or maintenance item.
#5
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Joined: Aug 2007
Location: Los Martinez
Posts: 858
Re: Sale of Spanish property by non-resident
It's a shame you can't claim against capital gains loss!
We bought ours in 2006 and paid with all taxes etc 268.000€ with what we have done since, we are easily into the 300.000€ bracket. Trouble is similar properties in this area are selling for less than 135.000€
That is some loss if we could claim it back!
We bought ours in 2006 and paid with all taxes etc 268.000€ with what we have done since, we are easily into the 300.000€ bracket. Trouble is similar properties in this area are selling for less than 135.000€
That is some loss if we could claim it back!
#6
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Joined: Mar 2015
Posts: 322
Re: Sale of Spanish property by non-resident
Fred, i am looking to add a roof terrace to my house circa £10K could I offset that cost against any capital gain in the future? also can i offset the Air con/securityy grills that i had installed as new? many thanks Martin
#7
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Joined: Mar 2015
Posts: 322
Re: Sale of Spanish property by non-resident
Fred, where are you? sunbathing?