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The taxpayer asks whether they can declare a capital loss for a loan not repaid due to the insolvency proceedings of the debtor company. The DGT responds that non-payment does not automatically generate the loss and that one of the specific circumstances provided by law must occur for its recognition.
Question posed: Possibility of computing a capital loss in the 2022 Personal Income Tax return.
The failure of a debtor to pay does not automatically generate a capital loss due to the existence of a credit right. For overdue and uncollected credits, the loss may only be recognized when one of the circumstances in Article 14.2 letter k) of the Personal Income Tax Law occurs, such as the effectiveness of a debt waiver or the conclusion of insolvency proceedings without satisfaction of the credit. The inclusion of said loss shall be made in the general taxable base subject to the limits of Article 48 of the Tax Law.
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