Index
When a loved one passes away, it is important to be prepared and know exactly how to file the inheritance declaration. It is a very delicate and painful moment, often compounded by the stress caused by inheritance management procedures. For an inheritance, you can contact a notary, an accountant, or a CAF (Italian Tax Assistance Centre) for assistance with the necessary procedures and documents. Let's see together what Italian law provides.
What is the inheritance declaration
The inheritance declaration is the procedure required to communicate to the Revenue Agency the transfer of the estate of a deceased person to his heirs.
The successors have 12 months from the date of death to submit the documents to the competent office of the Revenue Agency and, subsequently, pay the taxes on the transfer of ownership.
Legitimate and testamentary succession: differences
Who are the people who inherit the estate of the deceased and who makes the inheritance declaration? Let's make a distinction:
- TESTAMENTARY SUCCESSION: if the deceased has provided for a will, it will list the recipients of his assets;
- LEGITIMATE SUCCESSION: in the absence of a valid will, the people involved are the relatives in the direct line (spouse, children and relatives up to the sixth degree).
If the estate does not exceed €100,000 and does not include real estate or real estate rights, Relatives in a direct line are not required to file an inheritance declaration.
In general, as indicated in Art. 28 of Consolidated Law number 346 of 1990, the people required to handle the inheritance declaration are:
- heirs and legatees (or their legal representatives);
- placed in temporary possession of the assets;
- administrators of the estate.
In the case of multiple people interested in the succession, only one of them will need to submit the declaration. Also remember that they are exempt all those who have decided to renounce their inheritance by providing an official declaration to a notary office or the Court Registry.
Succession: who to contact and what is needed
When it comes to completing documents such as those relating to an inheritance, many choose to rely on a notary, a Tax Assistance Center (CAF) or a Patronato.
Here's what you need to do to inherit:
- death certificate;
- copy of the identity documents and tax codes of the deceased and heirs;
- land registry records of the real estate subject to the inheritance and certificate of urban planning destination of any land;
- certification from the credit institution or of the deceased's movable assets;
If there was a testament, finally, you will also need a copy of this document.
How much does an inheritance declaration cost
The costs of a notary consultation for the inheritance declaration are proportionate to the size of the inheritance and, generally, start from a minimum of €300.
If, however, you choose to rely on a CAF or a Patronato the cost you will have to bear for a basic procedure will be around €500.
It is possible to make the inheritance declaration from alone?
There is no obligation to entrust the administrative management of the inheritance to a professional. Those who file their inheritance declaration independently can use the free software provided by the Revenue Agency and complete the documents electronically, following the procedure Receipt and certificates of submission.
Succession: what are the taxes
After the submission of the inheritance declaration, the Revenue Agency will send you the liquidation notice with the amount of taxes due, calculated on the basis of the value of the inheritance. From that moment you will have 60 days to pay the payment.
The amount of the tax rates varies based on your relationship with the deceased person:
- 4% for spouses and relatives in a direct line;
- 6% for other relatives up to the fourth degree, for in-laws in a direct line and for collateral relatives up to the third degree;
- 8% for all other relationships.
Taxes are calculated on the taxable amount, which corresponds to the difference between the value of the assets and that of the liabilities such as, for example, the debts accumulated by the deceased.
Finally, it may be useful to know how to calculate the cadastral income of a property because this is the value to consider if a house is included in the inheritance. If you want to know its market value because you are thinking of reselling it, contact us at Casavo to get a free valuation now.
Are you thinking of selling a house?
Choose Casavo: smart service, real estate experts at your disposal side, at every step.