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A taxpayer inquired whether they could deduct financing costs and depreciation, and apply the residential rental reduction, when establishing a temporary usufruct over their property in favour of an entity. The DGT ruled that while expenses are deductible, the rental reduction is not applicable.
Question posed: Whether certain expenses, such as financing interest on the dwelling or depreciation, may be deducted from the income obtained by reason of the creation of the usufruct and whether the reduction for residential leasing provided for in Article 23.2 of the LIRPF may be applied.
The creation of a usufruct over a dwelling constitutes income from real estate capital for the bare owner. To calculate the net income, expenses necessary for obtaining the income may be deducted, including financing interest and the depreciation of the property. However, the reduction for residential leasing under Article 23.2 of the LIRPF is not applicable because the operation is the creation of a usufruct and not a lease.
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