If you rent or have bought or are renovating a property in Madrid you will be entitled income tax relief in certain situations.

1. Income Tax Deductions in Madrid Relating to Property Dealings

2. Income Tax Deduction Analysis If you have dealings with property and pay income tax in Madrid then you may be in line for a tax break.

3. With so many foreign nationals now based in this area of Spain it is worthwhile setting out a list of the different tax deductions that are available for those who are renting or buying a property in the area. Income Tax Deduction Analysis

4. Local tax laws in Madrid are enacted by the regional parliament in Madrid City with the most important provisions contained in Decreto Legislativo 01/2010. The most important deductions available are as follows:

5. Mortgage Relief Principal Private Residence Where a mortgage is used to purchase a property destined to be the principal private residence of the taxpayer then a deduction may be made where there is an increase in financing costs due to fluctuations in interest rates

6. Mortgage Relief Principal Private Residence The annual limit is €9,015 and applies equally to the refurbishment of a property or adapting the property to make it appropriate for the use of a disabled person.

7. Mortgage Relief Principal Private Residence The rebate is calculated by having reference to the difference in the Euribar 1-year interest rate as of the current fiscal year and the same rate in 2007.

10. For the Purchase of a Primary Residence Those taxpayers who would have been eligible for this rebate (had it not been withdrawn by the central government) may apply the deduction to the regional government’s portion of the tax. The amount to deduct is calculated as the difference between:

12. Simply put, property transactions in Spain is unique to this country with legal assumptions made here that just don't exist elsewhere Pitfalls Dealing with Property in Spain

13. If you would be interested in a free and comprehensive guide that will help you to avoid the typical pitfalls the foreign buyers of property fall into as well as dealing with issues such as... Guide to Dealing with Property in Spain

14. To find out how to deal with such issues as... Which legal checks on a property are vital to avoid any problems The step-by-step process of buying a property in Spain

15. As well as... Typical ploys to watch out for to avoid being defrauded. Property taxes you pay and those you don't!

16. And much more... Download the myAdvocate Spain guide to Dealing with Property in Spain by clicking on: Secrets to Dealing with Property in Spain Or for further information on the property purchase process specifically go to: Real estate lawyer Spain

17. If you need legal advice in Spain but are concerned about dealing with lawyers about which you have little or no background information, then get peace of mind at no additional cost by using the: 'Look before you leap' Lawyer Verification System myAdvocate Spain™

18. More information and contact details: www.myadvocatespain.com [email_address] Tel. +34 931 845 073