ICONOS FINALES-TRAZADOS

BASQUE COUNTRY: Know how to amortize a rented property

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If you rent a property other than housing, you can deduct its amortization as an expense on your Income Tax Return.

BASQUE COUNTRY: Know how to amortize a rented property

One of the most important expenses that you can deduct when declaring income from renting properties other than housing is the building's amortization.

How much can you amortize?

You can deduct 3% of the acquisition value as an expense, excluding the value of the land from the calculation.

Do you not know the value of the land?

If so, there is a way to calculate it:

  • If you are a taxpayer in Araba, you must prorate the acquisition cost between the cadastral values of the land and the construction in the year of acquisition.
  • If you are in Bizkaia or Gipuzkoa, you must prorate the acquisition cost between the cadastral values of the land and the construction for each year.

Is there a limit for the amortization?

Yes. The Tax Office considers that the accumulated amortization cannot exceed the acquisition value of the property.

If you have properties other than housing for rent, our professionals will help you calculate the applicable amortization.

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