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Source: Arrabe Asesores 3 November 2010

Housing accounts 50,800 taxpayers have three months to buy.

In Spain there are 50,800 taxpayers with savings accounts and open housing income exceeding 24,100 euros threshold at which the Government will remove from next year the deduction for housing. Therefore, less than three months to buy a house if you want to enjoy the tax relief for housing in subsequent years to 2010.

Inmark FRS survey indicates that 143,971 taxpayers have opened an account housing, reports Eduardo G. Ercoreca. Of these, 35.4% (50,800 respondents) have bases above 24,100 euros, as is clear from the previous fiscal demographic data published by the Treasury-and, therefore, have three months to buy a flat or lose the shelter deduction in income tax from next year.

The Budget for 2011 envisaged eliminating relief for the purchase of house for income exceeding 24,107 euros. This is particularly harmful to those who opened an account housing from 2008 under the foresight to buy a house four years later. This product allows banks to make contributions to an account designed exclusively for buying a home in the future and the deduction for housing. However, the time between the opening of a housing account and the purchase can not exceed four years, otherwise, it must return deductions.

Thus, a taxpayer with a home savings account that expires after 2010 and with an income over 24,100 euros is faced with a difficult dilemma. If you buy your home before the end of the year will be entitled to deduct pay until the end of his housing and therefore will not be penalized by the elimination of tax benefits. In the event that the purchase in January 2011, and is not entitled to any deduction. The fiscal cost between one or the other can reach 33,900 euros for a mortgage to 25 years.

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