These days thousands of Spaniards prepare their appointment with the Treasury, and the doubts accumulate when preparing the draft or check our fiscal data. Among the first, the ones referring to the inheritances, that in the form of a real estate, a fund of investments, shares or money can be an increase for our patrimony. But, in this case, is it necessary to declare it in the IRPF or is it enough to be aware of the Inheritance and Donations Tax?
Returns or earnings are declared
As pointed out by Mª Victoria Gutiérrez Duarte, professor at the Department of Economics and Finance of the Faculty of Social Sciences and Communication of the European University, when you receive an inheritance or donation, there is «An increase in assets and, at that moment, it is taxed in the Inheritance tax and donations of autonomic competence and in the Increase of the Value of the Land of Urban Naturalez (known as Municipal Goodwill ». So, added this expert, "there is nothing to declare when the inheritance is received in the IRPF" but depending on the inheritance and, above all, the returns or profits that our new patrimony generates probably will have to render accounts to the Treasury.
«It is a heritage that is already in our name and whose profits will be declared as with any other», This expert has pointed. In this sense, inheritance can generate returns on real estate capital (for a rent, for example) or furniture (dividends in the case of shares or interest in bank deposits, among others).
Comply with the requirements to declare
For Gutiérrez Duarte, «in the Income Tax Return you have to pay for all the income generated by our heritage: the origin does not matter ». Let's take an example, if you inherit from your parents a floor of 90 square meters and after fulfilling your tax duties – Inheritance and Donations Tax and municipal capital gain – you put it for rent or for sale it must declare for the profits that both operations. In this line, the professor from the European University recalled that the minimums that exempt the obligation to declare they are the same that must meet any type of income (capital, real estate, labor) and must be done in full to avoid the obligation to submit the draft.
Read the requirement that labor yields be higher than 22,000 euros per year from a single payer, if you have several payers the sum of the second and subsequent must exceed 1,500 euros per year in profits. Or, in the latter case, labor income exceeds the 12,643 euros per year if there are two or more payers. In addition to the condition that real estate income exceed 1,000 euros per year or that income from movable capital or capital gains (investment funds, TV contest prizes …) are greater than those 1,600 euros per year.
It has also added a relevant nuance: «One thing is the obligation to declare, make the declaration, and another thing is to give you to pay, since the Tax Agency returns the advance payments of withholdings made prior to the IRPF, for example ». For the specialist from the European University, what is withheld on many occasions does not take into account the tax deductions included in the IRPF, such as those for payment of a mortgage or living on rent.