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V2884-19 21 October 2019 · SG de Impuestos sobre la Renta de las Personas Físicas Criterion in force
IRPF · nuda propiedad

Selling inherited property generates capital gains or losses based on the acquisition value through inheritance

A taxpayer asks how to calculate the acquisition value of a portion of a property inherited as bare ownership, which was consolidated following the death of the usufructuary. The DGT explains that the acquisition value is determined by Inheritance and Gift Tax regulations at the time of the deceased's death.

The question raised

Tax treatment of the sale of the real estate property under the Personal Income Tax of the taxpayer.

The DGT's ruling

The transfer of ownership generates a capital gain or loss calculated as the difference between the acquisition value and the transfer value. The acquisition value of the inherited bare ownership is that resulting from the application of the Inheritance and Gift Tax regulations, without exceeding the market value, plus expenses and investments. The extinction of the usufruct due to the death of the usufructuary does not constitute a new acquisition, but rather the recovery of the rights of enjoyment by the owner.

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