EThe next month of April will open the term to make the Income Statement for the previous year. This is nothing other than the delivery of a document to the Tax Agency where we must specify all our income and our assets within the fiscal year. Although many of us are used to elaborating this exercise, the doubt about whether or not we should declare a personal credit of LoanScouter it is usually one of the most recurrent.
What is the role of personal loans in personal income tax?
The first question to resolve is whether personal loans affect or deduct personal income tax, or on the contrary, they have no impact.
As we have explained, in the Income tax year we must declare both our income and our assets within the fiscal year. That is why many people wonder if when they receive the capital of a loan, it should also appear in our Declaration. Well, the answer is no.
The Treasury does not consider personal credit as income (as a pension or payroll is). Personal loans do not increase our capital, since we must repay the amount borrowed within the agreed term.
If our intention is to contract a loan when we have finished our exercise, now we will have nothing to fear. In order to find a personal credit, which without having to change banks suits our needs, we can learn how to find the best loans March personals.
A separate case: mortgage loans
If you have signed a mortgage loan and have applied the deduction before January 1, 2013 (the day the new law came into force), we will be able to count on a bonus when making the Income Statement.
We can recover up to 15% of the capital spent, both for purchase and for rehabilitation (with a maximum of 1,356 euros in personal income tax per year).
The maximum amount on which our credit is deducted will be 9,040 euros (in the event of having a mortgage of two owners, each one can deduct said amount, which would mean a total of 18,080 euros).
For example, if we signed our mortgage (for a single holder) in 2012 and today we continue to pay a monthly payment of 500 euros per month for it, at the end of each year we will have paid 6,000 euros. With these data, the deduction would amount to 900 euros (15% of the 6,000 euros paid during the year).
In any case, it is important to delve more deeply into what the requirements are to be able to deduct our mortgage, and to know the details in case they apply to our case.
–
