Tomás Ferrer and his wife had lived in a flat on Calle Delicias, in Zaragoza, since 2015. In September 2024 they moved into a rented house in Cuarte de Huerva while they looked for somewhere to buy. They signed the deposit contract for their flat (the arras, a private agreement with a deposit that binds buyer and seller before the deed) in April 2026 and the deed of sale on 15 June 2026. Now they are torn between a house that is already finished and another that a developer will hand over, if all goes well, at the end of 2028. Tomás has read that he has "two years to reinvest" and wants to know from exactly which day and until which, because the second house is cutting it very fine.
A four-year window with the sale in the middle
Article 41.3 of the IRPF Regulations (the rules implementing the law on Spanish personal income tax) sets two stretches. Looking forward, the reinvestment must be made "within a period of no more than two years from the date of the transfer". Looking back, the last paragraph of the same section allows what was obtained to be used to pay for a new main home acquired "within the two previous years". The result is a four-year window whose centre is the day of the sale.
As the period is set in years, it is counted from date to date, which is the general rule in article 5 of the Civil Code. For Tomás:
| Stretch | From | Until |
|---|---|---|
| Earlier purchase that can be financed with the sale | 15 June 2024 | 15 June 2026 |
| Reinvestment after the sale | 15 June 2026 | 15 June 2028 |
If the sale had been signed on 29 February, the anniversary would not exist in non-leap years and the period would end on the last day of February. These are rare cases, but it is best not to leave things to the last day: a signing at the notary's office that slips by a week is enough to fall outside.
Which date is the date of the sale
Tomás has three candidate dates: the deposit contract in April, the deed in June and the day he received the last transfer of money. In the vast majority of sales it is the public deed that counts, because that is when the home is handed over and ownership passes. A deposit contract is a commitment to sell, not a completed sale, and on its own it does not transfer ownership.
The exception arises when an earlier private document already hands over possession and the price: in that case the sale may be regarded as made before the deed. If in your case there was a private contract with the keys handed over, the reference date is studied with that document, because it brings the whole calendar forward.
Which date is the date of the purchase
For the new home the approach mirrors the sale: what counts is the acquisition, which is normally the deed. For the finished house, Tomás has no problem if he signs before 15 June 2028.
The off-plan house is another story. During construction, the buyer pays sums on account to the developer, but the home is not his until it is finished and the deed is signed. The Regulations speak of reinvesting in the "acquisition" of a new home, and delivery in December 2028 would fall outside the window. Whether payments on account made within the period are enough when the deed comes later is a disputed question, and we would not treat it as settled in the taxpayer's favour. Tomás has to choose knowing that the second option carries an added risk that does not depend on him but on the pace of the building work.
The two years in article 41.3 are not suspended because the building work drags on, the licence takes time or the bank does not grant the mortgage in time. If the deed falls outside, the corresponding gain is no longer exempt and the year of the sale has to be corrected. Before signing an off-plan purchase contract with a delivery date close to the limit, it is worth measuring how much of the exemption depends on that date.
Tomás's full calendar
- 1 September 2024: they stop living in the flat on Calle Delicias.
- 15 June 2026: deed of sale. The window after the sale starts to run.
- Spring 2027: IRPF return for 2026. If they still have not bought, they have to record the intention to reinvest.
- Before 15 June 2028: deed for the new home and payment of the figure to be reinvested.
- Twelve months from the acquisition: they must have moved into the new house.
- Three years from when they start living there: the new home becomes firmly established as their main home.
Two other time limits running at the same time
Reinvestment is not the only clock. The first runs backwards from the sale and affects the old home. Tomás left the flat in September 2024 and sold it in June 2026. Article 41 bis.3 of the Regulations treats the sale as a sale of the main home if it was the main home at the time of the sale "or had been regarded as such until any day in the two previous years". Tomás is selling twenty-one months after leaving, so he is within it. If the sale had slipped to October 2026, the flat would no longer be regarded as his main home and there would be no exemption to apply, regardless of what he reinvested.
The second looks forward from the purchase. Article 41 bis.2 requires the new home to be lived in effectively and permanently within twelve months of its acquisition or of the completion of the building work. And section 1 requires it to be the residence for at least three continuous years, unless circumstances force a move earlier. The details are in what exactly "main home" means.
| Time limit | Rule | Counted from | Length |
|---|---|---|---|
| Selling after leaving the home | Art. 41 bis.3 of the IRPF Regulations | Last day it was the main home | Two years |
| Reinvesting before the sale | Art. 41.3 of the IRPF Regulations | Date of the sale, backwards | Two years |
| Reinvesting after the sale | Art. 41.3 of the IRPF Regulations | Date of the sale | Two years |
| Moving into the new home | Art. 41 bis.2 of the IRPF Regulations | Acquisition or completion of the work | Twelve months |
| Living in the new home | Art. 41 bis.1 of the IRPF Regulations | Start of occupation | Three years |
If you send us the dates of your sale and your purchase through the reinvestment form, we will check how these five time limits fit together in your specific case.
Sales with deferred payment
When the buyer pays in several instalments, article 41.3 contains a rule of its own: the reinvestment is regarded as made within the time limit if the amount of each instalment is put into the new home within the tax period in which it is received. If Tomás had sold with a final payment in 2029, what he received that year would have to be applied to the new house within 2029. It is an exception designed for people who do not have the money until they receive it, and it requires careful records of every receipt and every payment.
When the period expires without enough being reinvested
If on 15 June 2028 Tomás has not reinvested the whole amount obtained, the part of the gain that is not covered is no longer exempt. It is not declared in the 2028 return but in the 2026 one, by means of a supplementary return with late-payment interest, which article 41.5 of the Regulations allows to be filed up to the end of the filing period for the year in which the failure occurs. We explain this in I am not going to reinvest after all: what do I do?. The guide on the reinvestment time limits brings the dates together with more examples.
If you bought before selling, the backward window has its own requirements of proof; we deal with them in I bought the new home before selling the old one.
The time limits, the figure to be reinvested and the return for the year of the sale are part of the Salama Tax service for people selling their main home, which also explains how each date is checked against the original documents.