From April 3 last year, the Tax Agency allowed its various channels to receive the income tax return according to the period 2023-24. As in previous years, citizens must comply with the requirement to inform the Treasury Department of their income collected in the previous fiscal year. To do this, you have until June 30 to manage and present the draft income tax to the authorities. The channels available for this range from the entity’s electronic headquarters to telephone lines and personal attention.
When we fill out our income tax return, deductions are one of the biggest topics that may raise doubts. Tax relief or deductions from the income tax return is an amount that can be deducted from the tax base. That is, it is an amount of money that we can avoid paying to the treasury for different concepts. Among the most notable deductions are contributions to pension and insurance plans. In addition to compensation and alimony pensions, maternity benefits, large families, dependents with disabilities, standard residence and a set of other reliefs defined by the Autonomous Communities.
In this group, today we want to focus on those installments that relate to the payment of mortgages for primary residences. Mortgages are an issue that has been giving many taxpayers a headache in the past year due to a sharp increase in interest rates. Therefore, considering a tax reduction in this area would certainly not hurt those who pay this type of credit. How can I deduct my mortgage payment on my income tax return? Although the Department of Finance recognizes the right to make allowances for investment in ordinary residence. Interested parties must meet a series of requirements.
The first of these relates to the conventional nature of the mortgaged home. Only those who effectively pay for the home they live in for a continuous period of at least three years can access this tax benefit. In addition, you must prove that you live there permanently for a period of no less than 12 months. The second requirement is related to the moment the property is acquired. In this case it will only apply to first homes, which were bought before 1 January 2013. Therefore, it will not be compatible with second homes, rental homes or others. Finally, and regarding the deductible amount in the declaration, the Department of Finance establishes the following limits:
· Up to 9,040 euros per year for investments in the construction, rehabilitation, construction or extension of housing.
· Up to 12,080 euros per year in case of modification and installation work to change the taxpayer’s home in case of disability.
Costs such as mortgage payments, mortgage opening commission, credit related insurance, credit establishment costs, and processing costs may also be included. Likewise, credit adjustment charges and cancellation charges are included. Finally, these deductions must be applied or reported through boxes 547 and 548 of the income tax return.
2024-04-20 11:34:24
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