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V1300-24 4 June 2024 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · ganancia patrimonial

Acquisition value of inherited property is determined by Inheritance and Gift Tax rules

A taxpayer has enquired how to determine the acquisition value of an inherited property and whether other received assets are subject to Personal Income Tax (IRPF). The Directorate General for Taxes (DGT) clarifies that the acquisition value is that which results from applying Inheritance and Gift Tax rules, provided it does not exceed market value.

The question raised

1st In the case of selling an inherited property, the taxpayer requests to know its acquisition value.

The DGT's ruling

For real estate acquired gratuitously, the acquisition value is that resulting from the application of the Inheritance and Gift Tax regulations, without exceeding the market value. The acquisition date of assets received through inheritance is the date of the decedent's death. Assets received through inheritance (money, shares, cars) are not subject to Personal Income Tax, but their subsequent sale will generate a capital gain or loss.

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