Q Question: Income tax purchased a property. I am going to use it personally as a holiday home and occasionally giving it for short terms for free to friends and relatives. Shall I pay income taxes on it?

 

A Answer: If you own an Italian property you are likely subject to Italian income tax, no matter if you rent it or not. The Italian individual Income tax is known as IRPEF, “Imposta sui Redditi delle Persone Fisiche. It is a national tax due annually paid twice per year to the Italian State. It is is paid on several kinds of income, e.g., work, property, capital gains. Most Italian residents and certain non Italian residents must pay it. Each category of taxpayer such as employee, self employed, etc., uses a specific form, which can be downloaded online from the Italian Finance Ministry “Ministero della Finanza” web site at http://www.finanze.it.

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