Nowadays it has become quite common that some properties have an accessory property, here we will talk about leasing as an accessory property. When that property is leased, it is normal for it to be included in the canon or separately. This is because the accessory property, although it is not next to the property, is part of it.
Today we are going to talk a little more about what accessory properties are, how they are rented and the way in which they must be declared to the treasury. So, if you are in this situation or want to rent a property that has an accessory property you know what to do, you can also contact us to be well advised on this issue.
What is an accessory property?
We understand as an accessory property those properties that are leased to a third party in conjunction with another property. This must not be specified within the consideration of each of them.
This concept may seem a bit confusing, especially to those who don’t handle this terminology. Suppose you have a flat for rent and you have a parking space on the ground floor. Although the parking lot is the property, it is not next to it.
Then, both the apartment and the parking space are leased together. In this case, the parking space would be the accessory property.
How is a Lease as an accessory property?
Continuing with the previous example, a Lease as an accessory property is for this to be considered an accessory property lease, a basic requirement must be met. Suppose you rent the apartment for 450 euros and the parking space for 50 euros. In this case, an independent lease is being charged for each of them, this would not be an accessory, since they are two different contracts.
On the contrary, if the fee is 500 euros and it is not specified that the apartment has one price and the parking space another, the set is being leased. In this case, if we are facing a lease with accessory property.
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Is it better to lease separate or as an accessory property?
Many people ask themselves this question and it is totally valid, since many have no idea how an accessory property is declared. The truth is that you can do it the way you prefer, at first I would not have any problem. However, managing a single lease instead of two may be the best option.
Making a lease declaration of an accessory property is very simple and does not require more effort. Also, choosing to lease with an accessory can save you paperwork in the future. However, as we already mentioned, this is a personal decision that you will have to make. So, choose the one you consider best for you.
How should an accessory property be declared?
A lease as an accessory property must be declared to the tax administration. This is done in the taxation of Personal Income Tax every year and is done in a different way.
When filling out the declaration, you will take into account that there is a box that marks “leased as an accessory property”. You must mark it during your declaration.
Next, you must place the number of accessory properties that are included with the property. According to the legislation, the maximum that a property can have is 3. So, you must choose the number of accessories that the property has.
It is important that no amount is placed in this section, since we remember that the fee is included in that of the house. This would be all for the declaration of leases with accessory properties, it is a fairly simple process, but you must perform to avoid problems in your declaration.
More information on the website of the Ministry of Finance and Public Function on Leasing as an accessory property Model 100.2020 Personal Income Tax Return Declaration