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Practical manual for Income Tax 2024. Volume 2. Autonomous community deductions

For the landlord of real estate intended for permanent housing in the territory of the Balearic Islands. Insurance premiums

Regulations: Art. 4 quater.1 Consolidated Text of the legal provisions of the Autonomous Community of the Balearic Islands regarding taxes ceded by the State, approved by Legislative Decree 1/2014, of June 6

Amount and maximum limit of the deduction

  • 75% of the expenses paid by the taxpayer during the financial year for insurance premiums that cover all or part of the non-payment of income to which the taxpayer is entitled by reason of the leasing to third parties of one or more real estate properties located in the Balearic Islands intended for housing.

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

Requirements for applying the deduction

  • That the duration of the residential lease contract with the same tenant is equal to or greater than one year, without prejudice to the mandatory extensions for the landlord regulated in article 9 of Law 29/1994, of November 24, on urban leases.

  • That the deposit of the guarantee referred to in article 36.1 of Law 29/1994, of November 24, on urban leases, has been made in favor of the Balearic Housing Institute.

  • That taxpayer declare in IRPF the income derived from the rental income of the home as income from real estate capital.

  • That the sum of the general tax base and the savings base boxes [0435] and [0460] of the taxpayer, does not exceed the amount of 84,480 euros in joint taxation and 52,800 euros in individual taxation.

  • That the documentary accreditation of all concepts that entitle to the deduction be carried out by means of the invoices or the corresponding equivalent documents, which must be kept available to the tax administration.

Attention : These last two requirements are not applicable to taxpayers who died before December 13, 2024 .

Compatibility

This deduction is compatible with the application of the regional deduction "For the landlord of real estate intended for permanent housing in the territory of the Balearic Islands. "Other expenses."