Given the current real estate situation, there are many families who are increasingly considering donating a property, usually from parents to children. But what seems so trivial also has a series of steps that must be complied with, both administratively and fiscally. To be advised by a professional is the best way to avoid any surprises and to successfully complete all the necessary steps.
What are the requirements?
Donation and inheritance are not the same. To donate, the donor must be alive at the time the donation is formalized. The steps to be taken would be as follows:
- The donor must present before a notary a simple note and the deeds of the donated property to prove the ownership and the current situation of the property.
- Once the deeds of donation have been notarized, the beneficiary must present and pay in person or electronically the Inheritance and Donation Tax at the Tax Agency of the autonomous community (Form 651), as well as the municipal capital gains tax.
You have up to 30 days to present both taxes. In Andalusia, for donations between parents and their children, there is a 99% discount on the Inheritance Tax, which makes it a very economical option. - As a last step, with the inheritance deed and the proof of payment of the Form 651, you must go to your local land registry to register the change of ownership.
As always, recommend a good advisor to guide you in every step you take in something so important.
