For capital gains purposes, do they count the price paid including the IVA paid.

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08 Sep 2015 14:32 by ossie1 Star rating. 36 posts Send private message

We are selling our apartment and on paper it looks as if we have a small profit but if we count the 7% IVA we paid then we have large loss. 

For spanish capital gains tax purposes. Do they take the figure inclusive of IVA as the base purchase price or do they take the price before IVA is added. 

It would affect us in that if they took the inclusive figure we would not have any capital gains tax to pay at all.

Thank you 

Tom ...


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08 Sep 2015 15:10 by Roberto Star rating in Torremolinos. 4509 posts Send private message

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IVA and any other purchase costs such as Notary fees, legal fees etc. can be deducted



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08 Sep 2015 16:14 by ossie1 Star rating. 36 posts Send private message

Thank you, that is very reassuring... 

Tom ... 


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09 Sep 2015 10:18 by GB45 Star rating in Wiltshire and holida.... 130 posts Send private message

We sold our apartment last year at a huge loss but still paid a small amount of capital gains tax. We were told that it was the increase on the value of the land! We questioned it but as it was already deducted from our cheque there was not much that we could do. So ossie, you may have to pay a small amount..............who knows?

(we are still waiting for our 3% retention back but it's only been 10 months)





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09 Sep 2015 10:30 by Roberto Star rating in Torremolinos. 4509 posts Send private message

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The increase in the value of the land would refer to the Plus Valia, applicable to all sales, which is payable to the town hall within 30 days of the sale. Depending on how long you have owned the property, it could range from nothing to thousands. Did you get a receipt to prove it was paid?

This amount can also be deducted when calculating CGT, as well as any estate agent & legal fees paid.



_______________________

 

"Politicians and diapers must be changed often, and for the same reason"

Mark Twain

 

 

 




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09 Sep 2015 12:10 by GB45 Star rating in Wiltshire and holida.... 130 posts Send private message

Aah thanks  Roberto, we didn't understand that. We paid a deposit on the apartment in 2005 and it was completed in early 2007. I'm sure that we have the receipt, or at least a bill detailing all the costs deducted before we received our cheque. As I said is was a relatively small amount of around 1000 or so euros.





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