Hi, I just saw another post about CGT and it reminded me to ask.
We have a house in Mallorca and we are thinking about selling. We have spent a fair amount of money reforming and extending the property. Are the reform costs involved taken into account when CGT is calculated? If they are, is there a formula?
I wouldn’t woory too much…
If you are a non-resident they keep 3% of the selling price towards CGT due….Just swallow that and get out of the country. How are they going to track you down for more?
Of course, if you intend to stay in Spain that is a different matter.
In reply to dredski – please make sure you have all the correct licences for the reform as well as all the receipts for materials and contractors.
As far as I am aware, unless you can provide all the correct documentation in respect of the reform – licencia de obra, final de obra etc etc, then you don’t stand a chance of offsetting this against CGT.
Everything you need to know about property in Spain
Login or Register to read articles without any adverts in the text.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.