Why You Need the right Tax Submission Option? Here We Tell You
If you have not moved, have not taken out a new loan and are sure that you have entered the interests and repayments in the right place last year, you can copy last year’s declaration. The codes have not changed, only new codes have been added. Even after a refinancing, a renegotiation of the interest with your bank, you simply have to enter the payments for your loan in the same place as last year and only adjust the amounts. Only those who have only one loan that entitles them to the housing bonus or the integrated housing bonus can appeal to that wizard.
Several experts warn that those who took out an additional mortgage loan in 2016 for their own home should be careful. As soon as you declare payments for that new loan, any benefit for previous loans will definitively expire. Suppose you borrowed a large amount in 2006 to buy your home. Ten years later you want to renovate it and you borrow a smaller amount. If you enter the payments for the loan you took out in 2016 on your tax return, you will forfeit the benefits of your 2006 loan. Make visit to www.taxfyle.com/blog/independent-contractor-taxes to understand the relation between the loan and the tax.
The current loan for the purchase of the house provides more benefits than the new loan for the solar panels. The benefits of the old credit are usually more interesting than those of the new.
- Firstly, because the loan for the purchase is larger than that for the renovation, and secondly, because those old tax regimes for mortgage loans often gave the right to greater tax advantages.
That is the biggest pitfall in this declaration, especially for those who still fill in their declaration on paper. Anyone who wants to complete payments for a Flemish loan from 2016 via Tax-on-web will receive a pop-up warning that there is a threat of a conflict with a laundry list of thirty other Flemish codes. You will receive an error message, but you cannot immediately verify it. which loan you benefit the most from.
- A second loan for the owner-occupied home is often a re-take. Anyone who has paid off part of their mortgage loan can reuse the released part of their mortgage for a new loan. The current loan for the purchase of the home provides more benefits than the new loan for the solar panels. It is better to wait with the declaration of the payments for the new loan until the old one has expired.
The tax benefits of new loans, which fall under the Flemish integrated housing bonus or the Walloon check habitat, can be combined with the federal tax credit for long-term savings through a life insurance policy. That is new.
When you move from Flanders to Wallonia or Brussels, or vice versa, it also becomes complicated. If you keep your old home, it will no longer be your owner-occupied home and come under the purview of the federal government. You must then declare the home as your owner-occupied home for the part of the year until the move, and then as a non-owner-occupied home.