House sale taxes

Hello,

Could someone outline for me what costs are involved in the sale of a house, which is likely to be more than we paid for it, it we will be buying another property so trying to understand what costs are involved as residents

Thanks

We have just sold and bought. Estate agents fees are 3% plus IVA, notary is about 1400, then 10% of the purchase price of your new house in tax to the government plus your lawyers fees. We didn't have to pay CGT as we are over 65, and fiscal resident. I think in all we paid about 25,000€ on the sale and purchase.

Spannygranny wrote:We have just sold and bought. Estate agents fees are 3% plus IVA, notary is about 1400, then 10% of the purchase price of your new house in tax to the government plus your lawyers fees. We didn't have to pay CGT as we are over 65, and fiscal resident. I think in all we paid about 25,000€ on the sale and purchase.

Thankyou that’s helpful, we are both fiscal residents and i am hopeful that any CGT is any, would be minimal

Did you have to pay plusvalía tax ?

CGT if it is your main home, you have lived there for over 3 years and you are over 65 is not payable.
If the new house you are buying is going to be your main home and the cost is more than you get from your current property then there is no CGT to pay. The new house can be anywhere in the EU.

Yes, you pay plus valia tax.

marcliff wrote:CGT if it is your main home, you have lived there for over 3 years and you are over 65 is not payable.
If the new house you are buying is going to be your main home and the cost is more than you get from your current property then there is no CGT to pay. The new house can be anywhere in the EU.

Yes, you pay plus valia tax.

Thank you, I think I read the way they calculate plusvalía has changed ? We are actually downsizing, so whilst still in Spain the new house will be less than the current value of the one we are selling

That's because you could end up paying plus valia even if you didn't make a profit which was declared unconstitutional. The quickly came up with a new and, if you can't prove you haven't made a profit, you end up paying a municipal tax in the same way.

CGT is paid to the local government and is on the net profit. You can deduct fees, taxes and so on from the selling price. That includes notary fees, solicitors fees, VAT and property transfer tax. You then pay on the net profit at 21 to 24% of the profit going up in stages.

Hopefully a good solicitor will minimize the amount you have to pay so make sure you keep all the receipts.