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The allowance for deductions for the purchase of a property are coming to an end

26-10-2010
As of the 1st of January 2011, the famous deductions that our tax system allowed us to use when buying a property for the first time and use of it as primary home, will no longer be deductable. That means that for all those who purchase a property for first time they will not be able to take advantage of this "discount" that would have meant 15%of the amount that we pay anually for capital plus interest for our mortgage, with maximum anually of 9,015.00 euros. All this ends on the 31st of december, except for those who have been using this deduction previously they would be able to make use of it until following year, or those who before of the end of the year purchase a property as first time buyers and use property as primary home.

Therefore to make it more clear: if you have not yet purchased a property and you are expecting to purchase on soon, then it is understood that if this is done before the end of this year you can take advantage of this deduction.

It is not our intention to entice you to purchase, but we feel it is our obligation to remind you of the coming to an end of this deduction and the consequences that it will have when preparing your Personal Income Tax for the following year.

If you need additional information, please do not doubt in contacting our Fiscal department, where we will try to help plan your purchase from a fiscal point of view.

Cristobal Ruiz
Tax Advisor

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