The time for reckoning is drawing near. If you have not yet made the income statement, pay attention because insurance, both life and home, can be a great ally to deduct the maximum amount possible. But be careful, how much do they deduct? are they for everyone? How do I have to do it? Let’s go with it.
The answer is that it depends on the case. Expenses for contracting insurance can only be included if they meet a series of criteria. Life insurance with a savings plan can be deduced, since are taxed in the same way as pension plans. Those who are under 50 years of age may deduct a maximum of 10,000 euros; while those who are over 50 may deduct up to 12,500.
As for the Conventional life insurance, are not tax deductible… except in the case of the self-employed, who may deduct a maximum of 500 euros.
Insurance linked to the mortgage
On the other hand, it is life insurance linked to the mortgage, which can be deducted up to 15% of the amounts allocated to the purchase of the habitual residence with a maximum limit of 9,040 euros.
It also deducts the home insurance, although the expenses can only be deducted if the taxpayer contracted the insurance at the same time as signed the mortgage or restoration of the property and as long as it was done before 2013. If so, the insurance must be associated with the acquisition of the habitual residence.
Among the rest of existing insurance, the health Only the self-employed or businessmen who have taken out policies, both for themselves and for their family, can deduct the total expense. Employed workers will only be able to deduct the insurance if they negotiate with their company.
and of the vehicle insuranceonly those who are self-employed and buy and register the car for work purposes can enter it in the income statement.
Where can I deduct them from my 2022 Income?
In the event that the taxpayer is the owner of a property and home insurance can be deducted from the rent, they must do so as a cost for investment in habitual residence. To do this, he will have to go to boxes 547 and 548, where the deduction for investment in habitual residence is entered. As for those who have life insurance linked to the mortgage, they will be able to deduct it in the box ‘0200: Insurance Premium’ which can be found in the direct estimation regime section. When the life insurance is linked to a savings plan, it will go in box 25 of the income statement. In addition, there is a section of the insurance relief linked to the mortgage loan that will depend on each autonomous community. The self-employed who choose to deduct health insurance must also do so in box 200.