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A query was raised regarding whether rental income and associated expenses (mortgage, community fees, property tax, insurance, and depreciation) should be attributed to the usufructuary after the bare ownership has been donated. The DGT ruled that the income belongs to the usufructuary and that they may deduct necessary expenses provided they bear them.
Question raised: Whether the income received from rent must be imputed to the usufructuary, and whether, where applicable, mortgage credit interest, community fees, property tax (IBI), home insurance, and the corresponding depreciation may be deducted.
Income from real estate capital is attributed to the usufructuary by virtue of having the right to receive the fruits of the usufructuary assets. The expenses necessary to obtain said income, such as financing interest, taxes, insurance, or depreciation, are deductible provided they are assumed by the usufructuary and comply with the requirements of Article 23 of the Personal Income Tax Law (LIRPF). The attribution of payment obligations shall depend on the instrument constituting the usufruct or, in its absence, on the provisions of the Civil Code.
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