2023-08-08 18:05:37
Some pensioners and retirees enjoy a series of exemptions and discounts when paying taxes, such as personal income tax as long as they present annual income of less than 12,900 euros. In that case, they are not required to do the statement of income.
Another advantage that those over 65 can benefit from has to do with heritage. Thus, they will obtain Advantages when selling your habitual residence and other patrimonial assets. In the case of the sale of a home, if the money obtained from this action is less than 240,000 euros and is used to constitute a life annuity in your favor, the operation is free of taxes. If less than what was obtained from the sale is reinvested, the difference would be taxed. Similarly, any other sale of a patrimonial asset that has the same purpose of generating a life annuity for the retiree would also be tax free.
On the other hand, according to the municipalities, retirees can also be exempted from paying up to 75% of the Property Tax (IBI).
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Although things vary according to autonomous communities, the Inheritance tax and donations, which taxes inheritances and donations received, may not have to be applied to the money that retirees receive in inheritance from direct relatives such as spouses, children or parents. Inheriting a home or a family business while retired also generates the right to apply reductions in the tax base. At the same time, for retirees there are also reductions in the tax base in case of inheriting a home or a family business.
Another advantage that retirees can enjoy is that of not pay VAT when purchasing certain types of products such as goods or services related to health, culture, education or housing.
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