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The consultant asks how rental income from a property in community of property for tourism is taxed and which mortgage expenses are deductible. The DGT responds that, as it is not an economic activity, it constitutes capital income and only mortgage interest expenses are deductible.
Question posed The taxpayer wishes to know the classification for Personal Income Tax purposes of the gains generated through the aforementioned community of property and which part of the mortgage payments are deductible.
Lease income constitutes returns on real estate capital if the requirements for an economic activity are not met. In this case, only the interest on third-party capital invested in the acquisition or improvement is deductible, not the mortgage principal. Income from a community of property is attributed to the co-owners in accordance with the rules of this tax and the applicable agreements.
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