he Inheritance tax It is a tribute that must be paid upon receipt of the inheritance. It must be paid when assets or rights are transferred from one person to another due to death and without compensation. This duty is regulated by Law No. 29 of 1987 and its Regulation No. 1629 of 1991. However, when it comes to thinking about the matter, hundreds of doubts always arise that citizens do not know how to act on.
How much money do you have to pay?
This is probably one of the most frequently asked questions. In this sense, it is necessary to take into account that with Law 22/2009 Performance and organizational power were transferred to autonomous communities. This means that the amount varies depending on the area in which the person resides.
To find out how much money you have to pay, a calculation is obtained This is done by adding the net value of inherited or donated assets and subtracting fees, debts, and expenses.
As we said, in each society you have to pay a different amount of inheritance tax. For example, Catalonia It has bonuses ranging from 99% to 57.37% for the first group, depending on the tax base. in Asturias, Inheritances are not subject to tax for the first two groups as long as they do not exceed €300,000. Or in case Community of Madrid It is 99% for the first two groups.
What categories does inheritance tax determine?
These are the groups created for this honor:
- First group. Grandchildren or adoptees under the age of 21.
- The second group. Descendants, adoptees over 21 years of age, spouses, descendants and adoptees.
- The third group. Guarantees of the second group, i.e. brothers, uncles, nephews, or ascendants and descendants by marriage.
- Fourth group. Fourth degree guarantees, for example, cousins and other relations.
Documents necessary to settle this tax
To settle this tax it is necessary to have several notarized documents: Declaration of inheritance, declaration of heirs and will (if present). It is also said Asset inventory and valuationAny report supporting the value of the property and other writing that includes all assets and rights of the deceased person.
After this you have to Submitting documents. For example, in the case of Madrid, this must be done at the Virtual Tax Office of the Community of Madrid and at the Taxpayer Service Offices of the Madrid Tax Agency.
to Calculate the taxYou can use the Community of Madrid inheritance tax calculator or consult a lawyer or tax advisor. On the other hand, this must be taken into account The deadline for paying the tax is 6 months from the date of death This can be done via direct debit or cash deposit.
Can the tax be paid from the deceased’s money?
As Vilchis Abogados explains, you are allowed to “pay your own money to do it.” This means that “you can Use of funds in the deceased’s accounts To pay inheritance tax.” Inherited funds can be used to settle that debt and “access an inheritance without having to resort to loans or guarantees.”
Moreover, experts point out that “the amount can be repaid Use of inheritance fundsAlthough the heirs have not yet been able to dispose of it officially.” However, this does not mean that the heirs can freely use that money to pay the tax because Allowed by “Special Authorization” This gives the authority to use the funds for those purposes only.