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Form 100. Personal Income Tax Return 2024

10.4.14. For the leasing of real estate in the Balearic Islands for residential purposes. Insurance premiums

Amount

Taxpayers may deduct 75% of the expenses incurred during the fiscal year in the form of insurance premiums that fully or partially cover the non-payment of rent to which the taxpayer is entitled due to the leasing of real estate, located in the Balearic Islands, to a third party for residential purposes.

The maximum amount of this deduction will be 440 euros per year.

Requirements

  • That the duration of the housing lease contract with the same tenant is equal to or greater than one year.

  • That the security deposit has been made in favour of the Balearic Housing Institute.

  • That the taxpayer declares in the personal income tax the income derived from the rental income of the home as income from real estate capital.

  • For taxpayers who died before December 13, there is no limit on the taxable income. In all other cases, the taxpayer's total taxable income cannot exceed €84,480 for joint taxation and €52,800 for individual taxation.

  • The application of this deduction is subject to documentary proof, through invoices or equivalent documents, which must be made available to the tax authorities. This requirement will not apply to taxpayers who died before December 13.

Completion

You must indicate the amount of insurance premiums paid during the financial year.