Do you know what housing rental taxes are?
When you decide to rent your apartment , you have to keep in mind that there are some housing rental taxes that you will have to pay, but also how to declare it in your income tax. In today's blog we will analyze all these points.Rent your apartment and forget about worries
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When an owner hesitates between renting or selling his property , one of the great factors in choosing to rent is the savings on purchase and sale costs. Renting allows you to have long-term profitability, while selling is more immediate, but we must keep Chinese Overseas America Number Data in mind that when we rent we will also have to pay taxes and declare the profits in the Income Tax return.
Housing rental taxes
Housing taxes are usually agreed upon with the tenant, such as: IBI, garbage and water fees.
IBI
The Property and Real Estate Tax is mandatory for all owners of a property. The lease contract can establish how this payment is distributed. The most common thing is that the landlord is responsible for this tax.
This tax is linked to the cadastral value of the property and is paid to the local City Council. The IBI is reviewed every 10 years, so the rate may vary, although normally the coefficient will be around 0.4-1.3%.
Vacation home rental taxes
If we talk about investing in tourist apartments and tourist rentals, we must take into account that there may be taxes such as VAT or tourist tax taxes, but this will depend on the autonomous community in which you are located.
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It has been very common, for some years now, that we find ourselves with a supplement when paying for tourist accommodation. This rate will vary depending on where you are, since not all autonomous communities apply it, such as:
And, in other cases, such as Catalonia, the Tax is paid on stays in tourist establishments , which is usually around €0.45 – €2.25 per person per day. This will vary depending on the municipality, the area (central or remote), the type of establishment and, in addition, it has a limit of 7 days of accommodation.
Declare the rent: IRPF
If you have a rental property, you have the obligation to declare it to the Tax Agency and include all the expenses you have associated with the rental. From all these expenses, a reduction in the personal income tax price of 60% is applied, as long as it is rented as a habitual residence.
During the declaration, there are different points that you will need to know to add and declare it.
Empty or rented home?
In the declaration, you will have to indicate what the rental property is and since what date it has been rented. This is important, because it will indicate the time that your home has generated rental expenses.
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In addition, you will also have to add how much money you have collected for rent , from there it will be deducted and you will be able to pay less housing rental taxes . Keep in mind that you have to declare the net return that the home gives you.
housing rental taxes
Housing rental taxes and expenses that can be deducted
When it comes to deducting taxes, there are different expenses and taxes that are deductible and that you can include in your income tax return.
Repairs
Repairs to the condition of the rental home may be included, as long as it is for maintenance, not improvements. These are expenses that are considered conservation and, therefore, necessary.
If you decide, for example, to change your door for a reinforced one, even if it is for security, you will not be able to declare it in the Income Tax or if you decide to install air conditioning.
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