The 2022 Income Campaign has already started. At this moment, many citizens have already taken a look at their draft to see if they owe money or if they will receive a refund. In the following guide, we will tell you everything about this campaign, including the new features we will see in the 2021 IRPF.
If you are wondering how the 2022 income tax brackets affect you or what changes there are in the 2021 IRPF, it is important to understand that this campaign affects not only employees but also property owners, landlords, and tenants.
In this context, one of the most common questions is whether rent is included in the 2022 income tax return, as both the rent paid and the rent received can have tax implications depending on the case.
New Features for 2022 Income Tax
This year, the deadline for filing the Income Tax has been extended to Thursday, June 30, with June 27 being the deadline for returns that result in payment by direct debit.
IRPF Brackets
Regarding the IRPF brackets, we have:
- Up to 12,450 euros: 19%
- From 12,450 euros to 20,200 euros: 24%
- From 20,200 euros to 35,200 euros: 30%
- From 35,200 euros to 60,000 euros: 37%
- From 60,000 euros to 300,000 euros: 45%
- Incomes over 300,000 euros: 47%
As you may already know, the brackets are progressive and are paid proportionally based on income. Additionally, there is a personal exemption, which increases in cases such as having dependent children.
The main new feature is the introduction of the sixth bracket, a new tax rate for employment income exceeding 300,000 euros.
How IRPF Brackets Affect Rent in the Income Tax Return
The 2022 income tax brackets (based on the 2021 IRPF) not only affect employment income but also the income from real estate capital, such as rental income.
This means that the income obtained from renting a property may be taxed at different rates depending on the taxpayer’s total income bracket, directly affecting the final result of the tax return.
Therefore, understanding the 2021 IRPF brackets is key for property owners renting out homes, as it can influence the actual profitability of the property.
There is also a new bracket starting at 200,000 euros with a tax rate of 13%, going up to 26%. Additionally, there is an increase in the Wealth Tax of 1% for those with more than 10 million euros, rising from 2.5% to 3.5%.
New Features in the Taxation of Rental Properties
In terms of housing rental, we also have news. Now, the period for amounts paid by tenants in the form of doubtful collection balance is reduced from 6 to 3 months for the fiscal year 2021, and they can be deducted from real estate capital gains.
Landlords not considered large holders who have a rental property and have agreed to reduce the rental payments for January, February, and March 2021 can add the reduction as a deductible expense.
Tax Deductions for Energy Rehabilitation in Buildings
New deductions for energy rehabilitation in buildings are also added to the Income Tax, provided that the works were carried out from October 6, 2021.
To qualify, they must improve energy efficiency and be certified by competent technicians. Specifically, we are talking about the following deductions:
- 20% for works up to 5,000 euros that reduce heating and air conditioning demand.
- 40% deduction for works up to 7,500 euros that reduce non-renewable primary energy consumption.
- 60% deduction for energy rehabilitation works up to 5,000 euros (cumulative up to 15,000 euros) for predominantly residential use buildings.
Pension Plans
In the declaration for the fiscal year 2021, we also find news related to pension plans. For this year, the general reduction limit applicable to the taxable base is reduced from 8,000 to 2,000 euros per year. It is also expected that the new limit can be increased by an additional 8,000 euros for business contributions.
On the other hand, the maximum limit applicable for contributions to social security systems is reduced from 2,500 to 1,000 euros per year. For private dependency insurance, the deductible contribution goes from 8,000 to 2,000 euros.
Exempt Income due to Filomena and the Volcano
The income obtained from economic aid resulting from these events will be exempt from taxation in the IRPF.
Does rental income enter the 2022 income declaration?
One of the most searched questions is whether rental income is included in the 2022 income declaration, and the answer is yes: whether you are a property owner or a tenant, rental income can influence your IRPF.
In the case of the owner, rental income must be declared as real estate capital gains, although in many cases reductions may apply if the property is intended for the tenant’s habitual residence.
For the tenant, in some cases, there may be a right to regional deductions, although these depend on the autonomous community and the established income limits.
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