Tax Form 720 Asset declaration
Re: Tax Form 720 Asset declaration
Only if any of the groups of assets have increased in value by more than 20,000 €, if not then we are given the day off !
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- Andalucia.com Amigo
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Re: Tax Form 720 Asset declaration
I'm sure the answer to this is in the 23 pages somewhere, but my brain is still hurting from last spring:
If an asset has risen by 20k because (for example) I have sold 20k of shares and put the 20k in a bank account, do I need to do a new declaration and if so, does it need to include all the very fiddly details of all other assets that have not changed?
I'm feeling sick already.
If an asset has risen by 20k because (for example) I have sold 20k of shares and put the 20k in a bank account, do I need to do a new declaration and if so, does it need to include all the very fiddly details of all other assets that have not changed?
I'm feeling sick already.
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Re: Tax Form 720 Asset declaration
I think would be wise to wait until nearer the time (end of March) because I am sure more guidance will be available just as there was last year.
Yes, you would have to declare the increase in your bank assets, but I really don't know whether you have to indicate where that increase came from.
As soon as I get any more information I will update the FAQ.
Sid
Yes, you would have to declare the increase in your bank assets, but I really don't know whether you have to indicate where that increase came from.
As soon as I get any more information I will update the FAQ.
Sid
Re: Tax Form 720 Asset declaration
The agencia tributaria already has the guidance for this year on its site, under "preguntas frequentes modelo 720".
It explains that if any of your groups of assets has increased in value by over 20000€ since last year´s declaration then you must present the 720 again this year, otherwise there is no obligation to present it this year.
The modelo 720 is not really a declaration asking for information about where assets came from or where they disappear to, that information can be given to aeat at a later date when we are invited by them to sit in a dark room with a light focused on our eyes, more information on that will maybe appear on the aeat site next year, under preguntas frequentes.
The modelo 720 is more of a "photo" of your overseas (or overland) assets at a moment in time rather than an interrogation over movements of funds.
It explains that if any of your groups of assets has increased in value by over 20000€ since last year´s declaration then you must present the 720 again this year, otherwise there is no obligation to present it this year.
The modelo 720 is not really a declaration asking for information about where assets came from or where they disappear to, that information can be given to aeat at a later date when we are invited by them to sit in a dark room with a light focused on our eyes, more information on that will maybe appear on the aeat site next year, under preguntas frequentes.
The modelo 720 is more of a "photo" of your overseas (or overland) assets at a moment in time rather than an interrogation over movements of funds.
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Re: Tax Form 720 Asset declaration
You forgot to mention the rubber truncheons and electrodeseazbak wrote: when we are invited by them to sit in a dark room with a light focused on our eyes, .
Sid
Re: Tax Form 720 Asset declaration
Some things should be left to the imagination, life is no fun without surprises.
Re: Tax Form 720 Asset declaration
So just to be clear it is any increase in value of any group, not merely any change? So movements between, say, savings accounts of any amount will not need to be declared. Also, any reduction of the value of any group will not need to be declared so long as it did not lead to an increase of more 20000€ in any other group?
Brian.
Re: Tax Form 720 Asset declaration
I think the agencia´s explanations are easier to understand than your question (only joking).
To cut a long story short (and the story is very long) if none of your groups total values at 31/12/2013 were more than 20000€ higher in value than they were in last year´s declaration then sit tight and do nothing.
If that is not your case do not sit tight and start looking for all your paperwork during 2013 and do it all over again as you last year, but with this years figures.
(I think !)
To cut a long story short (and the story is very long) if none of your groups total values at 31/12/2013 were more than 20000€ higher in value than they were in last year´s declaration then sit tight and do nothing.
If that is not your case do not sit tight and start looking for all your paperwork during 2013 and do it all over again as you last year, but with this years figures.
(I think !)
Re: Tax Form 720 Asset declaration
Like Columbo, 'just one more thing...'. I sold a property in Gib, which I had always declared having and duly declared the asset on the 720 last year. I sold it in January 2013, paid off mortgage and put balance in the bank. Obviously that is less than the value of the apartment. So the asset is different, but less.
Help.........
Help.........
Re: Tax Form 720 Asset declaration
Prepare yourself for the rubber truncheons and electrodes Unicorn.
Re: Tax Form 720 Asset declaration
Hello,
Thanks for this website - a great help when I did my 2012 720 form last year.
My questions for the 2013 Modelo 720 form:
Banks - my sum total went down in value (no increase of 20k), but I opened two new accounts (<20k, but the total in banks is more). Do I redeclare all accounts, none, or just the new ones?
Shares - no increase of 20k overall, but I sold and closed one account. Do I declare that in "Origen del bien o derecho" as C, "extingue la titularidad" because it's closed? Or not declare it at all because of no 20k increase?
House - I bought a house in the UK with a mortgage and the proceeds above - I obviously have to declare that (well over 20k). I assume it should be the full purchase price entered? Can I alter the percentage participation to reduce it for the mortgage component? e.g. a 50% mortgage would imply 50% participation? Also, my wife is participating 50% in the house - but did not provide 50% of the deposit - does that count as a gift?
Finally - we moved back to the UK permanently in Sept 2013 - we filled in Modelo 030s - does this mean that after the 720, Renta and Patrimonio in 2013 we no longer have to chase any of this?
Sorry for the long list of questions but I can't be the only one confused by all this...
Thanks for this website - a great help when I did my 2012 720 form last year.
My questions for the 2013 Modelo 720 form:
Banks - my sum total went down in value (no increase of 20k), but I opened two new accounts (<20k, but the total in banks is more). Do I redeclare all accounts, none, or just the new ones?
Shares - no increase of 20k overall, but I sold and closed one account. Do I declare that in "Origen del bien o derecho" as C, "extingue la titularidad" because it's closed? Or not declare it at all because of no 20k increase?
House - I bought a house in the UK with a mortgage and the proceeds above - I obviously have to declare that (well over 20k). I assume it should be the full purchase price entered? Can I alter the percentage participation to reduce it for the mortgage component? e.g. a 50% mortgage would imply 50% participation? Also, my wife is participating 50% in the house - but did not provide 50% of the deposit - does that count as a gift?
Finally - we moved back to the UK permanently in Sept 2013 - we filled in Modelo 030s - does this mean that after the 720, Renta and Patrimonio in 2013 we no longer have to chase any of this?
Sorry for the long list of questions but I can't be the only one confused by all this...
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- Andalucia.com Amigo
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Re: Tax Form 720 Asset declaration
I notice that the above question got no reply. I also need to know about some of those things. The preguntas frequentes are not specific enough when some assets are up and others down.
I need to make a declaration this year (having already provided chapter and verse a year ago) because my shareholdings are up more than 20k, although cash is down by more than that. I can't see if I need to list bank accounts again, or just the shareholdings. If I have to list everything then I don't know what to put for the Origen del Bien - category M here is for assets that are up, but my cash is down.
Has anyone else run into this?
I need to make a declaration this year (having already provided chapter and verse a year ago) because my shareholdings are up more than 20k, although cash is down by more than that. I can't see if I need to list bank accounts again, or just the shareholdings. If I have to list everything then I don't know what to put for the Origen del Bien - category M here is for assets that are up, but my cash is down.
Has anyone else run into this?
Re: Tax Form 720 Asset declaration
Facing the risk of being called a GOS, I think it is probably best for anyone who doesn't feel they have understood the aeat FAQ's and who hasn't understood all the info on this forum sufficiently to know if they have to do the 720,nor how to do the 720 ,to sell a few overseas shares, or reduce the amount they have have in overseas bank accounts to be able to fund a few euros to pay a professional to present the 720 for them.
At this stage general comments here about the 720 can be very helpful, but long winded individual questions are maybe best sent to a professional.
At this stage general comments here about the 720 can be very helpful, but long winded individual questions are maybe best sent to a professional.
Re: Tax Form 720 Asset declaration
I received my PIN 24H letter today. I applied on the day it was first mentioned here. I'll have a go at it this weekend.
Brian.
Re: Tax Form 720 Asset declaration
just so you are prepared you may need your bank account number at hand to access, (the new longer bank account number with the international code).
Re: Tax Form 720 Asset declaration
Yes, I saw that. Fortunately laCaixa show one's IBAN prominently on the online site and in the 'bank book' so no problem there, I'll have the number to hand. But thank you.
Brian.
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Re: Tax Form 720 Asset declaration
We got a letter this week from the Agencia Tributaria asking us to turn up at the office with copies of our tax returns for 2011 and copies of our 720 declaration. Very, very sneaky! They are checking the tax returns for the year BEFORE the declaration. Apparently, every office has to 'sample' this. Luckily, we have been boringly honest. Thank goodness.
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Re: Tax Form 720 Asset declaration
I think a few are going to be worried by this!
Pity they don't go after the ones who have never bothered doing any returns, never mind the720.
Pity they don't go after the ones who have never bothered doing any returns, never mind the720.
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Re: Tax Form 720 Asset declaration
And so it starts! Why are they checking on the ones who file tax returns every year and submitted a 720?
Why can't someone figure out that they'd make more headway looking into the affairs of the obnoxious lush smugly supping her G&T in the bar down the road while openly telling anyone who cares to listen, that she owns a villa here, and two apartments which she rents out, as well as property & bank accounts in the UK, receives generous pensions from the UK, gets free healthcare in Spain, but has never bothered with any of that silly boring tax stuff that everyone's been going on about?
Why can't someone figure out that they'd make more headway looking into the affairs of the obnoxious lush smugly supping her G&T in the bar down the road while openly telling anyone who cares to listen, that she owns a villa here, and two apartments which she rents out, as well as property & bank accounts in the UK, receives generous pensions from the UK, gets free healthcare in Spain, but has never bothered with any of that silly boring tax stuff that everyone's been going on about?
Don't worry about what people think, they don't do it very often
"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.
"Acquiring a dog may be the only opportunity a human ever has to choose a relative," Mordecai Siegal 1935-2010.
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