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Tax exemption for people over 65 in the sale of their homes to move to a residence

21 Dec
Symbolic Monday December 21st, 2020 0

With the current regulations, this population group loses the exemption in the case of sale of their house two years after having left what was their habitual residence to enter a center for the elderly. The tax benefits would mean a tax saving of between 19% and 23% for people who, to pay for their stay in a nursing home, need to sell their home and are subject to installments. The National Federation of Real Estate Associations (FAI) calls on the Government for a regulatory change that allows people over 65 years of age, forced to move to live in a residence, to benefit from tax exemptions, without limits of terms or conditions, at the time to sell your home. From the group they assure that their claim must be activated in the Government’s agenda, since “we are talking about people who, in order to be able to pay for a residence, mostly, the only option they have is to sell their house. Therefore,” Fairly, the Treasury should not contemplate the terms in the tax exemption for the sale of habitual residence for those over 65 who come to a residence to live, and more so in the current social and economic context in which we find ourselves, “they emphasize. The federation recalls that, according to current regulations, for a person, over 65 years of age, to be exempt from paying tax taxes when selling their home, they must have resided at least 3 years in the property that is being sold as the owner, that is, It is considered as their habitual residence. Based on this condition, and “unfairly”, in the event that a person over 65 years of age has been living for more than two years in a nursing home or similar, their home loses, ipso f act, the recognition of habitual residence, except in exceptional cases of severe dependency or great dependency.

In this sense, their claim, they insist, goes through a regulatory change that should not be made wait, since “we understand that the real estate market, covered by social and economic policies, must help all population groups when acquiring or sell a fundamental good such as housing “. From FAI, they maintain that “we are talking about important tax benefits, with a tax savings of between 19% and 23%”. They also argue that, every time, there is a greater supply of homes on the market, whose owners are people who enter nursing homes, linked to the fact that the population pyramid in Spain continues its aging process. The latest statistical data from the Continuous Register of the National Institute of Statistics (INE), put the number of older people at 8,908,151, 19.1% of the total population (46,722,980). A figure to which it must be added that, about 4%, of this population group enter a residence and that, in recent years, it is estimated that it will increase.

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