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A taxpayer has enquired which expenses can be added to the acquisition value of a property to calculate capital gains for Personal Income Tax (IRPF) purposes. The Directorate General for Tax (DGT) has ruled that only investments, improvements, and extensions are included, excluding repair and maintenance costs.
Question raised: Request to know which expenses are considered improvements for the purpose of computing the acquisition value to determine the capital gain or loss from the sale for Personal Income Tax purposes.
The acquisition value includes the actual purchase price, investments, improvements, and extensions, as well as the expenses and taxes inherent to the acquisition (notary, registry, administrative services, lawyer, Transfer Tax, and non-deductible VAT). Improvements or extensions are those that increase the capacity, habitability, or useful life of the property, whereas repairs and maintenance intended to maintain its use do not form part of the acquisition value. Transfer expenses, such as real estate agency or notary fees, are deducted from the transfer value.
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