How is the tax payable calculated?
The real value of the inheritance will be subtracted from the judicially recognized debts of the deceased. If the creditor of the debt is an heir, they will not be recognized. Burial expenses that are justified by bills and those of a will are also subtracted. With this total we can calculate the net basis, which can be reduced depending on the degree of kinship. We must not forget that there are inherited heritage shares that have other reductions besides the general one:
- Habitual residence of the deceased or family business: the spouse and descendants can deduct 95% of their value if they keep the property for 10 more years
- Life insurance : the spouse, ascendants and descendants may subtract 9195.49 € from amount received
TQ Eurocredit helps us pay the debt if we do not have liquidity
The sum of all taxes payable when an inheritance is received is usually quite high and often not enough liquidity is available. The bad news is that the banks are not for the work of granting loans, but the good news is that TQ Eurocredit was born. When the big financiers turn their backs on us, TQ Eurocredit offers us up to € 500,000 for the debt .
If we have a property , whether a house, a place or a land, that is totally or practically paid, we can present it as collateral and get a mortgage loan to pay the debt to the Treasury .
TQ Eurocredit does not require any income and there is no problem if we include a non-payment list such as ASNEF or RAI. They offer us up to 35% of the value of the property presented as a guarantee and in less than 48 hours they will analyze our project and give us an answer.
Get up to € 500,000 with TQ Eurocredit
How is an inheritance valued?
When we inherit an estate we must fill out a document that refers to the Tax on inheritance and donations, currently it is the D650 model . In it all assets and rights of the inheritance will be linked with their real value , in order to calculate the tax quota . Sometimes it is difficult to specify what the real value of an inheritance is, that is why some criteria that help weigh the real value are taken into account :
- The bank balances, investment funds and securities subject to quotation will have the same value as they had on the date of death
- The value of real estate is determined by the highest of three values: the value verified by the Administration, the cadastral and the acquisition
- If those who inherit are the children, they will receive the full total capital of life insurance , if the beneficiary is the spouse of the deceased, only receives half, because the other half is taxed in the IRPF
- The household goods of the deceased , such as furniture and personal items, will have a value of 3% of the total inheritance
- If the inheritance is a lifetime usufruct , for example, a dwelling property of the spouses of which half is in usufruct of the one who lives, it is also the object of liquidation of the tax. The age of the person receiving it will be taken into account.
What documentation do I need to manage the inheritance?
- Death certificate of the civil registry
- Certificate of last wills
- Authorized copy of the will
- A copy of the insurance contracts
- Full D650 model or your online copy
- Photocopy of the DNI of both the deceased and the heirs
- Document supporting the balances in accounts issued by the bank
- Title of acquisition of the goods and copy of the last receipt of the Tax on Real Estate ( IBI )
- Statement of property tax in case the deceased had filed a declaration
It is clear that with previous information we can save time, money and dislikes after the death of a loved one. If you want to know how to act with other banking products when your owner dies, consult this free guide and solve all your doubts: