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bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 2823
Experience:  IRS Enrolled Agent, 18+ years of experience in tax preparation with associated finance experience.
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What happens if you can't pay inheritance tax on a property

Customer Question

What happens if you can't pay inheritance tax on a property you have been left?
Submitted: 5 months ago.
Category: Finance
Expert:  bkb1956 replied 5 months ago.

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

As you probably know, in Spain taxes must be paid before the asset can be transferred to the beneficiary for sale.

Payment of Inheritance tax in Spain needs to take place within 6 months of death. After that time, you can apply for a further extension but late payment fines are incurred.

Eventually if the tax and fines is not paid there is a risk the asset will be taken over by the state and sold.

http://www.imslawyers.com/owning-property-in-spain/spanish-inheritance-laws-wills/

http://www.tumbit.com/how-to-guides/articles/208-wills-and-inheritance-taxes-in-spain.html

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Expert:  bkb1956 replied 5 months ago.

Just following up with you to see if you have any other questions or concerns. If so, please let me know, and I will be able to assist you further.

Best regards,

Barb