Taxs on buying other half out of property or selling property - Taxes in Camposol: Suma, NIE and general tax advice - Camposol forum - Costa Cálida forum in the Murcia province of Spain
ASSSA Insurance
Jennifer Cunningham Insurances SL
Photocasa

Join the Camposol forum

Join the Camposol forumMy name's Alex and this is my website all about Camposol in Spain. Register now for free to talk about Taxes in Camposol: Suma, NIE and general tax advice and much more!

Taxs on buying other half out of property or selling property

Posted: Sun Jun 19, 2022 5:03pm
12 replies569 views6 members subscribed
Karenp

Karenp

Helpful member

Posts: 226

127 helpful points

Location: Camposol

Joined: 17 Apr 2018

I wish to buy my husband out of our property this way I give him half the value of the property - do I pay taxes doing this? Alternatively, we go ahead and selling the propery but he is telling me that I would have to pay all the Capital Gains Tax and I am 63 and he is 73 so he says he is exempt from taxes - is this true. I have had an agent around and am making an appointment to see Zamora who did out wills as I want to remove him from getting my half on my death and then PALS to get their advice on best way forward. Any advice would be much appreciated. Thank you Karen

zacdog

Posted: Mon Jun 20, 2022 10:14am

zacdog

Helpful member

Posts: 464

218 helpful points

Location: Camposol

Joined: 14 Oct 2018

Posted: Mon Jun 20, 2022 10:14am

Speaking in answer from the outside looking in, it seems like you already have the answer on it's way from your legal representatives.

Why air your personal grievances in public?    Just an observation, keep it private!

eduardo3332

Posted: Mon Jun 20, 2022 2:30pm

eduardo3332

Very helpful member

Posts: 1060

765 helpful points

Joined: 21 Jan 2016

Posted: Mon Jun 20, 2022 2:30pm

Karenp wrote on Sun Jun 19, 2022 5:03pm:

I wish to buy my husband out of our property this way I give him half the value of the property - do I pay taxes doing this? Alternatively, we go ahead and selling the propery but he is telling me that I would have to pay all the Capital Gains Tax and I am 63 and he is 73 so he says he is exempt ...

...from taxes - is this true. I have had an agent around and am making an appointment to see Zamora who did out wills as I want to remove him from getting my half on my death and then PALS to get their advice on best way forward. Any advice would be much appreciated. Thank you Karen

As you say you wish to buy your husband's share of the property, it is different situations if you are residents or not.

You would have to pay all the normal purchasing fees and maybe even a 5%retention tax.

I don't think age comes into the equations tax is payable unfortunately by everyone.

I had a similar situation 1999

PeterC

Posted: Mon Jun 20, 2022 2:41pm

PeterC

Super helpful member

Posts: 1864

1160 helpful points

Location: Los Alcázares

Joined: 10 Nov 2016

Posted: Mon Jun 20, 2022 2:41pm

If you have been tax-resident and have made returns for four years or more, and are a pensioner there is no retention and no tax when you sell your principal residence. Quite a few ifs…best to consult a good gestor IMHO. Main problem is finding one!

eduardo3332

Posted: Mon Jun 20, 2022 7:26pm

eduardo3332

Very helpful member

Posts: 1060

765 helpful points

Joined: 21 Jan 2016

Posted: Mon Jun 20, 2022 7:26pm

PeterC wrote on Mon Jun 20, 2022 2:41pm:

If you have been tax-resident and have made returns for four years or more, and are a pensioner there is no retention and no tax when you sell your principal residence. Quite a few ifs…best to consult a good gestor IMHO. Main problem is finding one!

Was a tax resident and had been for over 6 years had 2 business a good accountant and still was stopped 5% retention tax

PeterC

Posted: Mon Jun 20, 2022 7:45pm

PeterC

Super helpful member

Posts: 1864

1160 helpful points

Location: Los Alcázares

Joined: 10 Nov 2016

Posted: Mon Jun 20, 2022 7:45pm

eduardo3332 wrote on Mon Jun 20, 2022 7:26pm:

Was a tax resident and had been for over 6 years had 2 business a good accountant and still was stopped 5% retention tax

Reckon there must have been one condition not met - e.g. was it your principal or only residence? 

eduardo3332

Posted: Mon Jun 20, 2022 7:58pm

eduardo3332

Very helpful member

Posts: 1060

765 helpful points

Joined: 21 Jan 2016

Posted: Mon Jun 20, 2022 7:58pm

PeterC wrote on Mon Jun 20, 2022 7:45pm:

Reckon there must have been one condition not met - e.g. was it your principal or only residence? 

At the time all tax and residency laws were complient as with all of my business and personal details,  I have never lived under the radar

PeterC

Posted: Mon Jun 20, 2022 9:22pm

PeterC

Super helpful member

Posts: 1864

1160 helpful points

Location: Los Alcázares

Joined: 10 Nov 2016

Posted: Mon Jun 20, 2022 9:22pm

eduardo3332 wrote on Mon Jun 20, 2022 7:58pm:

At the time all tax and residency laws were complient as with all of my business and personal details,  I have never lived under the radar

I never suggested anything like that! 

YungAtHeart

Posted: Wed Jun 22, 2022 9:45am

Posts: 43

13 helpful points

Joined: 5 Aug 2016

Posted: Wed Jun 22, 2022 9:45am

You have asked a very interesting question. You might share any answers you get from gestor? Please.

Karenp

Posted: Wed Jun 22, 2022 9:53am

Karenp

Original Poster

Helpful member

Posts: 226

127 helpful points

Location: Camposol

Joined: 17 Apr 2018

Posted: Wed Jun 22, 2022 9:53am

YungAtHeart wrote on Wed Jun 22, 2022 9:45am:

You have asked a very interesting question. You might share any answers you get from gestor? Please.

Will do - I am awaiting an appointment re advice going forward on the property.

Sign up for free or login to reply to this topic

Want to reply to this topic? Login or register for free to post your message:

Find more Taxes topics from a particular area:


Register for free!

Login to your account

Photocasa
Jennifer Cunningham Insurances SL
ASSSA Insurance
Advertise your business here
Advertise your property
Help with my computer