Real estate in the income tax return: garages, storage rooms and plots of land
Posted: Mon Dec 23, 2024 9:24 am
The inclusion of properties in the Income Tax Return is something that causes real headaches for most taxpayers. We know what income comes from a rented property, but empty properties present more difficulties. Apart from the percentage of ownership and the ownership regime (usufruct, bare ownership, real ownership), doubts may arise when it comes to declaring a warehouse, a storage room, a plot of land or a parking space.
How to declare garages
When a garage is purchased together with the habitual residence, it does not generate any income imputation in the Personal Income Tax. This is as long as it is located in the same phone number data building or urbanization. We can include up to 2 parking spaces together with the residence. We only have to put their cadastral references in the same section as the habitual residence.
If we acquire the parking space independently of our habitual residence, it will be taxed as an imputation of income from an empty flat (1.1% or 2.2% of its cadastral value) and will also be declared in the same way.
How to declare storage rooms
The same applies to storage rooms as to garages. If they are acquired together with the habitual residence, they are not taxed. Otherwise, they also generate an imputation of income like any other property available to its owners.
How to declare garages
When a garage is purchased together with the habitual residence, it does not generate any income imputation in the Personal Income Tax. This is as long as it is located in the same phone number data building or urbanization. We can include up to 2 parking spaces together with the residence. We only have to put their cadastral references in the same section as the habitual residence.
If we acquire the parking space independently of our habitual residence, it will be taxed as an imputation of income from an empty flat (1.1% or 2.2% of its cadastral value) and will also be declared in the same way.
How to declare storage rooms
The same applies to storage rooms as to garages. If they are acquired together with the habitual residence, they are not taxed. Otherwise, they also generate an imputation of income like any other property available to its owners.