Usufruct is understood as the use of an asset, in this case a property, despite not being the owner of it. The usufructuary, that is, the person who has the usufruct of the property, has full rights over it except in one case: they cannot sell it, because it does not fully belong to them. They can, on the other hand, rent it out and make a profit from it.
This is often the case, for example, when a person dies, and their relatives inherit the property. For instance, it could be that the owner’s children have ownership of a property, but the usufructuary would be the owner’s partner or spouse, who would have the right to continue using the property. Another example would be an elderly person who decides to sell their house to make a profit but remains a usufructuary for as long as they live.
The property will appear in the Tax Office’s tax data of both the usufructuary and the bare owner. However, for personal income tax purposes, it is the usufructuary who must declare the property. The owner, who in these cases is called the bare owner, does not declare anything about the property.
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