If you have already passed the process of accepting an inheritance apartment and have achieved its sale, surely you feel more than happy with your efforts. However, now you have to know how to declare the sale of an inherited apartment.
From Deplace, in this article you will get a guide to help you clarify doubts that frequently arise around how to declare the sale of an inherited apartment.
What Is The Date Of Acquisition Of An Inherited Property?
Since the acquisition of the apartment was by inheritance, the date that is considered before the Treasury as acquisition may not be obvious.
At the legal level, the date of acquisition of all assets that make up an inheritance, including real estate, shares and others, is the date of death of the owner.
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It is not the date on which the deed of award of inheritance or any other was signed.
This aspect is important in cases of wanting to calculate the updated value of the adjudication cost of floors inherited many years ago. Remember, the date of death of the deceased is the date of acquisition for heirs.
What Is The Acquisition Value Of An Inherited Apartment?
Many times doubts about how to declare an inherited apartment arise precisely because the acquisition of the apartment was given by inheritance.
The acquisition price of the inherited assets corresponds to the valuation that has been declared in the Inheritance Tax.
When it happens that the declared value has been verified by the administration, then the acquisition value of the inherited apartment will be the verified value.
The sale price that the property had in the hands of the owner does not count for anything, nor does the cadastral value. Remember that only the valuation that has been given in the tax settlement counts.
How Is The Capital Gain Of An Inherited Apartment Estimated?
The capital gain from the sale of an inherited apartment corresponds to the difference between the value of the sale and the acquisition value declared in the inheritance and gift tax.
It is necessary to bear in mind that, as in any sale, regardless of the way in which the property was acquired, when it comes to paying taxes, you can deduct or add the following expenses:
In The Value of The Sale Or Transfer
From the actual amount for which the sale has been made, the expenses and taxes inherent to the transfer, which have been borne by the seller, may be deducted. You can deduct costs from:
- Professional fees of the real estate agency, if one has intervened in the operation.
- Legal services expenses such as the drafting of contracts.
- The payment of the municipal capital gain for the increase in value if applicable.
In The Value Of The Acquisition
The actual amount for which the asset was acquired will be added to the amount of the expenses and taxes inherent to such acquisition, excluding interest. You can add costs of:
- Notary and property registration expenses.
- Payment of the proportional part of the inheritance tax corresponding to the property sold, if applicable.