Receiving an inheritance, while a difficult time, often raises questions about tax obligations. An economist and tax expert has explained the frequent errors heirs make and the key aspects to consider when filing income tax returns.
According to the specialist, assets received through inheritance are not directly taxed under the Personal Income Tax (IRPF). This is because they are already subject to the Inheritance and Donation Tax (ISD), and taxing them again would constitute double taxation.
However, the expert warns of a crucial nuance: although the acquisition of an inherited property, vehicle, or investment fund does not generate income tax liability, any future returns they produce must be declared. For instance, profits from renting out an inherited property or selling an inherited investment fund will be subject to standard tax regulations.
The expert also points out common mistakes, such as failing to file the deceased's final income tax return if they were obligated to do so. In such cases, heirs must declare income generated from January 1st up to the date of death.
Another common error is not including inherited properties because they have not yet appeared in the tax data provided by the Administration. These updates can take time, but this circumstance does not exempt individuals from fulfilling their tax obligations.
