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V1030-20 24 April 2020 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · usufructo

Inherited assets do not need to be declared for Income Tax purposes

A taxpayer inquired whether they must include assets for which they have become a usufructuary following their spouse's death in their Income Tax return. The Directorate General of Taxes (DGT) responded that acquisition through inheritance is not subject to Income Tax, as it is taxed under Inheritance and Gift Tax.

The question raised

Whether the assets received must be declared in the 2019 Personal Income Tax return.

The DGT's ruling

The acquisition of assets or rights through inheritance is not subject to Personal Income Tax (IRPF) pursuant to Article 6.4 of the Personal Income Tax Law (LIRPF), as it is subject to Inheritance and Gift Tax. The taxpayer is not required to declare the assets received, but must declare the income generated by them from the date of death.

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