Among the many issues that have to be resolved when inheriting a flat is the value that will be given to it in said inheritance..
Depending on the value of the apartment, we will have to pay the inheritance tax., in addition to the rest of the expenses generated by the inheritance.
It is advisable not to make a mistake when valuing an apartment in an inheritance, since in case you have given it a value below the minimum established by the Junta de Andalucía, It is very likely that they will send you a claim because the value is not correct..
Discover the keys to giving value to an apartment in an inheritance and avoiding problems with the administration.
What value is taken into account in an inheritance for inheritance tax?
The value assigned to an apartment in an inheritance is established by the autonomous community where the home resides.. This value is called fiscal value.
To calculate the tax value you can do it in different ways:
- Consulting the fiscal value calculation section on the website of the Junta de Andalucía.
- Requesting the value in person at the Junta de Andalucía.
- Consult with a tax advisor.
- Consult a qualified real estate agent for this.
Many taxpayers choose the option of consulting in person with their autonomous community., This way, later problems and complaints are avoided..
To do this, you must make an appointment with the Department of Finance of the Junta de Andalucía and ask that they give you the tax value in writing..
You can provide this document in the inheritance award deed and thus ensure that the resolution is correct at all times..
Who values an inheritance?
The value assigned to an apartment in an inheritance is called fiscal value. This value is established by the autonomous community where the home resides according to its criteria..
To calculate this value you must multiply the cadastral value of the home in the year of the deceased's death by the established coefficient.
For example:
- cadastral value: 45.000 €
- Multiplier coefficient: 1’41
- Tax value= 45.000 € X 1’41
- Value for an inheritance: 63.450 €
When is an inheritance valued??
The value that must be assigned to a home as an inheritance is assigned at the time of signing before a notary and at the payment of the inheritance tax..
When declaring all inherited assets is when you have to give a value to said assets.. In that way, the value of the inheritance and inheritance tax are calculated.
In the event that you assign the asset a value lower than that established by the Junta de Andalucía, they can claim the difference from you.
In this case you will have to request a review of the value by an expert or appraiser., to provide the report with the current value given the situation of the home.