INCOME TAX (RESIDENTS IN SPAIN): TAX YEAR 2011 - Noteworthy modifications of Tax Deductions regarding Properties
Amending tax deductions for acquisition and rental with effect from 1 January 2011
DEDUCTION FOR INVESTMENT IN MAIN RESIDENCE
Applies only to taxpayers whose taxable income is less than 24.107,20 euros per annum, being the maximum basis for deduction of 9.040 euros per year.
DEDUCTION FOR RENTAL IN RESIDENCE
Taxpayers whose income is less than 24.107,20 euros per year may deduct 10,05 % of rent paid for their main residence during the tax period, up to a maximum deduction of 9.040 euros per year also.
REDUCTION ON LETTING INCOME
The reduction of taxed net letting income from the rental of property destinated to housing rose from 50 to 60 percent
Definite approval by LPGE for 2011, Law 39/2010 of December, 22nd.