If you bought your primary home before we have good news for you, you could deduct the expenses of your mortgage in your personal income tax return. We tell you how here. Lidia Muñoz Camacho Author 4 minutes Estimated time Last update Index of contents What mortgage expenses can I deduct in the personal income tax return? What requirements are there to be able to deduct my mortgage in the personal income tax return? How do I deduct mortgage expenses in personal income tax? Are there limits on the amount to be deducted from the mortgage in the Income Tax return? Can I deduct my mortgage expenses if I rent the home? Find the best mortgage for you.
What requirements are there to be able to deduct my mortgage in the personal income tax return?
Not all homeowners can deduct mortgage taxes; there are a series of requirements to be able to access these deductions: The mortgage must be for a habitual residence in which you have started living within 12 months of the purchase, and lived in for at least three consecutive years. Have acquired the property before January 1, 2013. Have previously deducted mortgage expenses: inor before. Return to index Present! The requirements vary in some Autonomous Azerbaijan Phone Number List Communities, such as the Basque Country and Navarra, where, in the first case, the mortgage costs of any habitual residence can be deducted regardless of the date of purchase, and in the second, they can be deducted if The home was purchased before.
Are there limits on the amount to be deducted from the mortgage in the Income Tax return 23?
Yes , there are limits on the reduction, and the mortgage expenses cannot be completely deducted. The Treasury establishes the limit to be deducted at 15% of the total paid in one year’s installments , up to a Azerbaijan phone number database maximum of , which entails a saving of at most €1,356 in personal income tax. It is different, however, if the mortgage has two owners and they present the Income Tax Return separately , in this case the maximum amount of the installments will be doubled and could reach . Therefore, each one can deduct half of this amount, the Return to index Present! There are different limits in some Autonomous Communities. In the Basque Country, a maximum of is established in installments. Navarra, Guipúzcoa, Vizcaya and Álava set a limit for deducting 18% with different maximum amounts.