We explain you two exemptions in the IRPF that you can benefit from if you sell a house in the Canary Islands: Exemption for reinvestment in habitual residence and exemption for people over 65 years old.<\/p>\n
When we face the sale of a house, there are many expenses and taxes to be faced. One of the biggest is probably the payment of personal income tax. However, although it is mandatory to declare the capital gain<\/strong> obtained in the Income Tax Return, not everyone has to pay for it.<\/p>\n If you want to know how to save on taxes when selling a house in the Canary Islands<\/a>, keep reading this article.<\/p>\n *In the same way, next we leave you with all the deductions in habitual housing in the Canary Islands<\/strong> for the Exercise of the Income 2023. Download the Renta 2023 Manual<\/a> and access to the existing deductions in housing in the Canary Islands to which you can apply in your next Income Tax Return.<\/p>\n Manual Renta 2023 in the Canary Islands [Deducciones en vivienda]<\/a><\/p><\/blockquote>\n The personal income tax exemptions when selling a house change according to the capital gain obtained and the type of house involved in the transaction. Thus, we find the following tax benefits:<\/p>\n If you reinvest the profit you have obtained from the sale of your home in the purchase of another primary residence or in its rehabilitation, you are exempt from paying tax to the tax authorities for the part you have reinvested<\/strong>. The Tax Agency describes the habitual residence<\/a> as one in which the owner lives for 3 years continuously and is registered as a resident. This period may be less than 3 years in special circumstances such as:<\/p>\n Persons over 65 years of age are exempt from paying IRPF if they sell their primary residence , regardless of whether or not they reinvest the profit<\/strong> obtained in another property. This tax advantage can also be enjoyed in the case of transferring the bare ownership and reserving the life usufruct on the property.<\/p>\n If the property being sold is not a primary residence but they reinvest the profit obtained in an annuity plan<\/strong>, they will not have to pay IRPF either.<\/p>\n Other groups that are also exempt from paying Personal Income Tax on the sale of a primary residence are people in a situation of severe or great dependence.<\/p>\nExemptions from personal income tax when selling a home<\/h2>\n
Exemption for reinvestment in primary residence<\/h3>\n
\n
Exemption for seniors over 65 years of age<\/h3>\n