We have a property in Mallorca which we are selling which was bought in the 1950’s and put in our names as the children. Our question is there a formula the Spanish authorities accept to value the property as there has been a lot of development to the property and we only have estimates but not enough receipts. It was bought as a piece of land with a ruined finca on this at around 4000 euros and currently worth close to 2 million at sale. Any help or guidance would be greatly appreciated.
Sheeba, when you come to sell your lawyer will be able to confirm this for you if I’m wrong, but as I understand it you can only deduct building work for which you have receipts. Best work on that assumption and be happy if it turns out better.
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