Heirs of bare ownership shall determine its acquisition value based on the date of death

The calculation of capital gains or losses in Personal Income Tax (IRPF) requires a precise determination of two key elements: the acquisition date and the acquisition value of the asset. In the case of bare ownership received through an inheritance, determining these parameters creates operational doubts that the DGT has recently clarified.

What the DGT has resolved

The inquiry addresses the need to establish the data required to calculate the tax impact derived from the sale of a property whose bare ownership has been transferred through succession. The criteria establish that:

• Acquisition date: The acquisition date is understood to be the moment of the deceased's death, once the inheritance has been accepted.
• Acquisition value: The value to be used is the one resulting from applying the rules of Inheritance and Gift Tax. This amount cannot exceed the market value on the date of death. To this value, investments, improvements, and inherent expenses made after the acquisition must be added.

What it means for you

If you are an individual who has inherited the bare ownership of a property and plans to sell it, you must keep in mind that you cannot use values or dates different from those established by succession regulations. Determining the acquisition value is fundamental, as the amount of capital gains you must declare in your IRPF will depend directly on this figure. An error in applying the rules of Inheritance and Gift Tax could lead to an incorrect calculation of the taxable base.

What you should do

In the event of a future transfer of assets received through inheritance, it is necessary to have the documentation that proves the value assigned in the Inheritance and Gift Tax settlement. It is essential to verify that the market value declared in said settlement is correct and that all expenses and investments that increase the acquisition value have been accounted for, thus allowing for an optimization of the tax burden at the time of sale. It is recommended to assess each particular situation to ensure that the applied data complies with current regulations.