Post by nafizcristiano2 on Feb 15, 2024 0:23:26 GMT -5
Learn how to deduct your mortgage in the Annual Declaration! The Annual Tax Return has two main objectives: inform the SAT about your annual income from Income Tax (ISR) and exercise your right to file personal deductions. Personal deductions are the expenses that, as a taxpayer, you can deduct from your cumulative income . Among them, payments related to health, education, donations and the payment destined for the mortgage of your house stand out - real interest on a mortgage loan. What are real interests? real-interestsReal interest represents the return obtained on the payment of an amount of money—in this case, the payment of a mortgage— after discounting the loss in value due to inflation. These reflect, in a more exact way, the true interests; since the money does not have the same value at the time of the loan as when it is returned. How is real interest calculated? Thus, real interest is equivalent to the result of subtracting the annual inflation rate—which in December 2022 closed at 7.86% ( Banxico )—from the interest on your mortgage loan .
That is, if your mortgage rate is 10% and the inflation rate was 7.86%, what you can deduct is 2.18% of real interest. Learn more: What are the real interests of a mortgage loan? When and how to deduct real interest? The refund of real mortgage interest must be requested before April 30, the deadline to submit the annual return Bahamas Email List To know the precise amount, the financial institution that granted the mortgage loan must issue a tax receipt, known as a certificate of interest , which shows the amount of actual interest paid. Although the SAT system has this information pre-loaded, it is important to have proof of interest to compare and verify that the amount is correct. Learn more: What is a certificate of real interests? How to deduct real interest if there is co-creditation ? In this case, financial institutions Rearume that the real interest was paid by the credit holder—as they are not sure who contributed more and who less—which is why a single certificate or receipt is provided.
Learn more: Who can be a co-borrower for a mortgage loan? Limitations As stated in article 151 of the Income Tax Law, it is possible to deduct mortgage interest as long as the amount of the loans does not exceed 750,000 Investment Units (Udis); that is, $5,820,954.75 considering that until March 2023 the value of the Udi was $7.761273 ( Banxico ). If this limit is exceeded, the deductibility will be reduced proportionally to the excess over said amount. The actual interest on a mortgage is subject to the limit on personal deductions; That is, this amount—along with other personal deductions— cannot exceed five annual Measurement and Update Units ($189,222) or 15% of total annual income, including exempt income. Now you know, applying for a mortgage loan can provide you with tax benefits. Thus, in addition to obtaining the house of your dreams, you will be able to recover a part of the investment through your Annual Declarations. Do you want to know how much you would pay when buying your house with a mortgage loan ? Simulate your credit in 1 minute and find out how much we lend you! Yave offers you a 100% online process, with immediate advice and no commitments.
That is, if your mortgage rate is 10% and the inflation rate was 7.86%, what you can deduct is 2.18% of real interest. Learn more: What are the real interests of a mortgage loan? When and how to deduct real interest? The refund of real mortgage interest must be requested before April 30, the deadline to submit the annual return Bahamas Email List To know the precise amount, the financial institution that granted the mortgage loan must issue a tax receipt, known as a certificate of interest , which shows the amount of actual interest paid. Although the SAT system has this information pre-loaded, it is important to have proof of interest to compare and verify that the amount is correct. Learn more: What is a certificate of real interests? How to deduct real interest if there is co-creditation ? In this case, financial institutions Rearume that the real interest was paid by the credit holder—as they are not sure who contributed more and who less—which is why a single certificate or receipt is provided.
Learn more: Who can be a co-borrower for a mortgage loan? Limitations As stated in article 151 of the Income Tax Law, it is possible to deduct mortgage interest as long as the amount of the loans does not exceed 750,000 Investment Units (Udis); that is, $5,820,954.75 considering that until March 2023 the value of the Udi was $7.761273 ( Banxico ). If this limit is exceeded, the deductibility will be reduced proportionally to the excess over said amount. The actual interest on a mortgage is subject to the limit on personal deductions; That is, this amount—along with other personal deductions— cannot exceed five annual Measurement and Update Units ($189,222) or 15% of total annual income, including exempt income. Now you know, applying for a mortgage loan can provide you with tax benefits. Thus, in addition to obtaining the house of your dreams, you will be able to recover a part of the investment through your Annual Declarations. Do you want to know how much you would pay when buying your house with a mortgage loan ? Simulate your credit in 1 minute and find out how much we lend you! Yave offers you a 100% online process, with immediate advice and no commitments.