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A taxpayer terminated a co-ownership of a property, retaining the entire asset and providing financial compensation to the other co-owners. The Directorate General for Taxes (DGT) ruled that, while the division of common property is typically not considered a change in assets, if assets are allocated at a value exceeding the ownership share, a capital gain or loss is triggered.
Question posed: Taxation of the extinction of co-ownership in Personal Income Tax.
The dissolution of a community of property does not constitute an alteration in the composition of the assets, provided that the allocation corresponds to the ownership share. However, if assets are allocated at a value higher than said share, there is an asset alteration that generates a capital gain or loss, with or without cash compensation. In this case, the transitional regime of the ninth transitional provision of the Personal Income Tax Law (LIRPF) shall apply, as it concerns an element acquired before 1994.
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