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A taxpayer inquired whether they could deduct the proportional amount of Wealth Tax paid on their leased properties. The DGT ruled that this is not possible because Wealth Tax is a state tax, and the regulations only permit the deduction of non-state taxes.
Question posed: Whether the percentage of the corresponding Wealth Tax liability paid for the ownership of said properties may be deducted as an expense to determine the net yield of real estate capital.
To determine the net yield of real estate capital, only non-state taxes and surcharges affecting the assets are deductible. Since the Wealth Tax is a state tax, it is expressly excluded from the list of deductible expenses. Therefore, it is not possible to deduct the percentage of the said tax liability corresponding to the leased properties.
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