Before making the IRPF Tax declaration with the income for the year 2022, it is interesting to know which items can be deducted and which affect each household. Elmejorsegurodevida.com, an expert in life insurance, helps to save by explaining which premiums can be deducted and in which cases
Madrid, April 18, 2023.- The Tax Agency's 2023 Income campaign runs from April 11 to June 30, 2023, although the deadline for domiciling the payment is three days before. Life insurance are some of the policies that can be deducted this year in the Personal Income Tax (IRPF) declaration, but only in some specific circumstances. The self-employed can also deduct medical insurance, €500 per family member and a total amount of €4,500. How to save on the appointment with the Treasury It is a procedure that no one gets rid of at least once a year and what in many times it causes insomnia and headaches, for fear of having to pay out a significant amount of money and that it can have repercussions on the health of the family economy, especially if income is not always stable or you work for someone else. Thus, Before filling out this year's declaration form, it is important to first calculate the income and study the instructions of the Tax Agency on how to do it, so that no deduction is missed. These change every year, so last year's deductible expenses may not be deductible this year. Knowing the items that deduct last year's rent can mean significant savings for the taxpayer in 20231. All people who purchased a home before from January 1, 2013 and have life insurance linked to the mortgage, can deduct up to 15% of the amounts allocated to the purchase of the house and the payment of home and life insurance, up to a maximum of 9,040 euro per year. This deduction is applied to all life insurance, without it being mandatory to acquire it with the bank.2. Mortgage life insurance purchased with the bank can be up to three times more expensive than those purchased with an external insurer. Unfortunately, it is a fact that is not sufficiently known and, although it is prohibited by Law 5/2019, of March 15, on real estate loans, banking entities continue to link the granting of a loan to the contracting of policies. This malpractice is already being recognized in numerous court rulings. 3. Deductions in the event of death are also interesting to avoid large payments to the Treasury. The Personal Income Tax Law states that, upon receiving this compensation for the death of the owner, the beneficiary must pay the Inheritance and Donation Tax (ISD), the same as if it were an inheritance. But the payment of this tax varies according to the Autonomous Community of residence and the degree of kinship. If the heir of the life insurance is an ascendant, descendant or spouse of the policy holder, he is exempt from paying up to 99% of the ISD tax in most of Spain. In summary, studying the items that deduct taxes can save a lot in the 2023 Income Statement. Among these cases are life insurance, which is of interest not to contract with the bank so as not to pay more than necessary for the same coverage. Those who do not yet have this policy can see the different prices in the most complete online comparator in Spain or directly request expert advice, free of charge and without obligation, by calling 912 182 186 and 932 990 416. www. elmejorsegurodevida.com is a website of Globalfinanz, leader in the sale of life and health insurance online, with more than 40,000 clients and agreements with more than 60 insurance groups. Issuer: elmejorsegurodevida.com
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