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V1295-21 7 May 2021 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

The sale of an inherited property generates a capital gain or loss for Personal Income Tax purposes

The taxpayer asks whether she must declare the sale of a percentage of a property received through inheritance and whether her agricultural expenses are deductible. The DGT responds that the transfer generates a capital gain or loss and explains the deductibility rules according to the estimation method applied to her activity.

The question raised

Question posed: Whether she must declare the aforementioned sale in the Personal Income Tax and whether the expenses incurred in the development of her activity are deductible.

The DGT's ruling

The transfer of ownership of the property generates a capital gain or loss due to the variation in the value of the assets. As it is an acquisition for gratuitous consideration (inheritance), the acquisition value shall be the one resulting from the Inheritance and Gift Tax regulations, not exceeding the market value. For agricultural activity under the direct estimation method, expenses are deductible if they are linked to the generation of income, are justified, and are recorded. Under the objective estimation method, expenses are already considered in the yield index, allowing only the deduction of depreciation on fixed assets.

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