Your mortgage can give you a credit balance, take advantage of it!

Natural persons have until April 30 the possibility of presenting their Annual statement corresponding to the 2021 financial year, that is, until the end of this month, the income earned last year, record your deductionsmake the corresponding tax payment or receive the balance in favor, if any.

Between the deductions personal data that the Tax Administration Service (SAT) allows are those requested on the real interests of a mortgage credit. Here we explain everything about this option that allows you to get back part of the money you have paid.

Real interests? What’s that?

First we tell you that the real interests Mortgage loans are those that are calculated by discounting inflation from the interest rate. interest the one you received loan. For example, if the credit is at a rate of 12%, by discounting the 7.36 percent at which general inflation ended last year, you can know what the royal interest of your mortgage.

The bad news is that, because in 2021 inflation reached a high level compared to previous years, the amount of royal interestthat is, what you can deduct before the SAT, is a lower amount than the proportion of other years.

“It is noteworthy that the inflationary effect of the year 2021 had a negative impact on the calculation of the real interests by mortgage credits that determine the institutions of the financial system, which has caused very small amounts to be determined or null rates of real interest. This means a decrease in the amount preloaded for the deduction personnel in this area”, recognized the SAT in a document published at the end of last March.

Also take into account that as the validity of your credit the interest rate is adjusted downward, so it is the first years of your mortgage when you can most take advantage of deducting the real interests.

Check if your credit meets the conditions

In order to access the deduction of the interests of your mortgage, the SAT indicated that it is necessary that your financing has not been greater than 5 million pesos and that it has been granted by one of the institutions of the financial system.

On the other hand, the real estate site pointed out that in addition, the property should only be used as a home.

However, another point on which you should take note is to check that your tax information is correctly registered with the institution that gave you the loan. Thus, in case your Federal Taxpayer Registry (RFC) is incorrect and the CFDIs (Internet Tax Receipt) are wrong, it is essential to correct the data in advance.

The SAT noted that it is the financial institutions granting the mortgage who provide the required information on the payments made and this is automatically loaded on the taxpayer’s return, however, if the data is not correct, it may affect your deductions. recommended verifying that the information on the mortgage payments and that will be presented in the declaration correctly have the address of the financed property, the amount of the interests nominal accrued (the interests not yet paid), as well as with the correct RFC.

The real estate site also recommends having the current electronic signature, with its respective password and your bank details (CLABA account) at hand.

Although the financial institution that gave you the loan, whether it is a bank, a Sofom, Infonavit or Fovissste, will be in charge of sending the corresponding information to the SAT, it is necessary that you request, before presenting your declaration, proof of Interest paid.

Who must file their declaration?

By law, some people are required to file their annual return, such is the case of those who are under the following regimes:

  • Professionals for fees
  • People with business activity
  • technology platforms
  • Rental income
  • Those who received wages from two or more employers in the year and/or also had income from another activity
  • For acquisition of goods
  • If, in addition to the salary, income was received from interests nominal of more than 20,000 pesos

Source: SAT

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