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A query was raised regarding how to apply property depreciation within a joint ownership community where members have different acquisition costs. The Directorate General for Taxes (DGT) ruled that, as this does not constitute an economic activity, each member shall deduct their share based on their own acquisition value.
Question posed: Depreciation of the properties leased by the community, taking into account that the mother's participation in the community of property presents different acquisition dates and values for tax purposes.
As there is no full-time employee, the lease constitutes income from real estate capital. The deductible depreciation is 3% of the higher between the cadastral value (excluding land) and the acquisition cost. Since the members have different acquisition values, the deductible expense is different for each one and must be reported in their own Personal Income Tax return.
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