Tax cost

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07 Sep 2020 22:09 by intier Star rating. 18 posts Send private message

I'm looking at selling and then buying another villa in a different area , what are the costs for selling will I have to pay capital gains tax , take all monies on to the next property like in the UK.


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08 Sep 2020 11:09 by windtalker Star rating. 1660 posts Send private message

When you agree a purchase price on a property ..add approximately 15% on top for legal fees and Taxes.

If you have a property to sell depending on what area you are in usually dictates the selling fee usually around 4% ... personally I would advise you to sell first and when you have the money in the bank ...then go and buy.. property at the moment is extremely difficult to find a buyer for.,.

 

 


 


 


 


 


This message was last edited by windtalker on 08/09/2020.



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08 Sep 2020 11:29 by mariedav Star rating in Ciudad Quesada. 1060 posts Send private message

We were considering moving last year. Taxes. agents fees, solicitors, notary, utiilies etc and the charges from a 180,000 property to a 225,000 property would have been almost 35,000 euro despite not being liable for CGT as we are residents and were transferring all the (non) profit to a new property. This is not counting the difference in price.

Of course, the iniquitous transfer tax on the new property at 10% would have accounted for 22,500 euro of that amount.

If we could have got a private buyer we'd have saved almost 8k on estate agent fees but the rest is money you won't get back. We decided to stay where we are and spent a small proportion of that on improvements.

You must transfer 100% of any profit to your new property to avoid paying CGT if you are a resident or be very old and have lived here for more than 3 years (like what we is).





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13 Sep 2020 17:54 by arago Star rating. 13 posts Send private message

Over 65 year old Spanish tax residents aren't liable for CGT on the sale of their main residence whether they buy another property or not.





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13 Sep 2020 18:41 by mariedav Star rating in Ciudad Quesada. 1060 posts Send private message

Over 65 year old Spanish tax residents aren't liable for CGT on the sale of their main residence whether they buy another property or not.

Which is what I put on my last line except you omitted it must have been your main residence and have lived there a minimum of 3 years. 





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