The Tax Administration Service requires the presentation of monthly or annual declarations, depending on your tax regime.
By: César Omar Leyva
If for any reason you receive a transfer from a family member or friend It is important that this movement be notified to the Tax Administration Service (SAT) to avoid it being considered taxable income and you being charged additional taxes.
He SATas responsible for supervising the income and expenses of individuals and legal entities registered in the Federal Taxpayer Registry (RFC), requires the submission of monthly or annual returns, depending on your tax regime.
Although tax contributions can be a burden on your pocket, there are allowable deductions, such as tuition and medical services. However, You should be alert when the SAT detects money transfers that are not related to your salaryas they could be considered suspicious income.
If you receive financial help from family or friends, you must inform the SAT about these transfers, especially if they are less than 600 thousand pesos.
To avoid tax problems, whoever makes the transfer must specify in the concept that it is a “family loan” and keep the receipt. In case of loans in cash, it is recommended to save contracts, promissory notes and account statements of both parties.
STEPS TO DECLARE A FAMILY LOAN
- Gather necessary documentation, such as contracts, transfer receipts, and account statements.
- Access the portal of SAT with your RFC and password.
- Go to the “Disclosures” section and select “Family Loan Statements.”
- Provide the requested information, including the interest rate, relationship to the person who lent the money, and the amount.
- Attach the documents and send them for review.
After completing this process, you will receive an acknowledgment of receipt that will serve as proof in future clarifications. This declaration must be submitted within the 15 days later upon receipt of the loan to comply with the regulations of the SAT on cash contributions.
