The numerous tax breaks that started last year and which have sometimes also been extended in 2021, will soon be available. Those who are preparing to fill in the 730/2021 form will actually be able to start benefiting from the tax advantages for some expenses incurred in the 2020 tax year. There is an unmissable deduction of 50% in the 730/2021 form for those who enter these expenses and declares to the Revenue Agency. Let’s see what it is and how to insert the voice in the 730/2021 model so as not to lose it.
How to deduct expenses in the 730 model or in the Single Model?
The presentation of the 730/2021 model, or the Single Model, represents a mandatory step for millions of taxpayers. Everyone must make their own tax return referring to those income that they received in the previous tax year, i.e. 2020. On this occasion, those who faced expenses that fall within the various bonuses for the home last year must enter them correctly right inside the declaration. Only in this way is it possible to effectively benefit from tax deductions. One of these unmissable deductions concerns the furniture and appliances bonus which is usable only after the building renovation work has started. Also for 2021 this deduction is confirmed with an interesting variation on the amount.
An unmissable deduction of 50% arrives in the 730/2021 form for those who enter these expenses and declare them to the Revenue Agency
The purchase of furniture and appliances of a class of not less than A +, sustained by 31 December 2020, can be deducted in the 2021 tax return. Pay attention to the maximum limit of deductible amounts. Those who, after renovations, incurred expenses for furniture and household appliances in the 2020 tax year, can deduct € 10,000 of the maximum expense. Considering that the deduction is equal to 50%, the maximum amount that is obtained from the deduction is equal to 5,000 euros. This tax advantage is divided into 10 equal installments for those entitled to it. Be careful to take into account two important aspects to obtain the deduction.
The first concerns payments: only expenses incurred by means of traceable payment (bank transfer, debit or credit card) will be deductible. Furthermore, it is good to keep the following documents kept: payment receipts of various kinds and invoices certifying the purchase of the goods. In the 730 model, it will be possible to record each expense in Part E, sect. IIIC, Line E57. Only in this way comes an unmissable deduction of 50% in the 730/2021 model for those who enter these expenses and declare them to the Revenue Agency.
Those who are preparing to request this deduction in the 2021 tax year will be able to count on a higher spending ceiling, i.e. 16,000 euros. In this case, we suggest reading the in-depth study “How to get an 8,000 euro tax deduction to furnish your home in 2021”.
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