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A query is made regarding how to calculate the depreciation of a leased property owned by multiple owners for Personal Income Tax (IRPF) purposes. The DGT responds that each owner must apply 3% to the higher of their proportional share of the acquisition cost or the cadastral value (excluding land).
Question posed: Method for calculating the depreciation of a leased property owned by several natural persons for the purpose of determining the yield from real estate capital in Personal Income Tax (IRPF).
To determine the net yield from real estate capital, the depreciation of the property is deductible provided it does not exceed 3% of the higher of the satisfied acquisition cost or the cadastral value, excluding land. In the event of co-ownership, each owner must compare their ownership percentage of the acquisition cost with their percentage of the cadastral value (excluding land) and apply 3% to the higher of both values.
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