Within the taxes there is deduction of housing credit interests, which must be applied to recover some money. They are tax benefits that are obtained when making the income statement of the previous year. In order to register the values ​​paid for interest, a certificate must be requested. This is done before the bank where you have your mortgage loan.

All those who execute the income statement and complementary, who have a housing loan are entitled to the deduction. For the year 2019, the standard establishes a deduction amount up to 1,200 UVT (Unit of Tax Value). They correspond to a value in pesos of $ 41,124,000

Rules for deduction of home loan interest

Rules for deduction of home loan interest

The deductions referred to in article 387 of the Tax Statute, as follows:

“ Natural persons who receive income from work income will be entitled to deduction for interest or monetary correction under loans for home purchase. In this case, the retention base will be reduced proportionally in the manner indicated in the regulations in force ”.

  The foregoing is complemented by commenting that you can deduct the interest you have from several credits, but they must be from a single home. Without exceeding the regulated amount and the taxpayer must be living in the related real estate.

Other apart from the Tax Statute:

“ARTICLE 119. DEDUCTION OF INTEREST ON LOANS FOR HOUSING ACQUISITION. Although they are not related to causality with the production of income. Interest payable on loans for the acquisition of the taxpayer’s home is also deductible, provided that the loan is secured by a mortgage. If the creditor is not subject to the supervision of the State, and the other conditions indicated in this article are met ”.

Conclusions on the deduction of housing credit interest

Conclusions on the deduction of housing credit interest

  • Interest deductions for housing credit payments are applied to natural persons who have work income.
  • For those people who receive income from capital income and non-labor income. Deductions corresponding to HFA (Home Financial Assistance ) are attributable.
  • As stated in the law, it is mentioned that pension income is exclusive of interest deductions.

  And finally, the importance of the execution of this activity is highlighted, since, this refund of money as savings is reflected in other payments. It is a benefit and right that taxpayers have that every year should be taken advantage of.

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