What insurance can be deducted in the 2023 income statement?

2023-05-06 10:30:03

The income statement is, for many people, an Everest that they have to face once a year. However, with the necessary knowledge, it can also become an opportunity to reduce some expenses.

Some activities of the self-employed, donations to NGOs, house and mortgage expenses and pension plans are just examples of the sections in which it is possible to save on taxes and pay less on the income statement.

But are not the only ones. In addition, there are several types of insurance that are also deductible tax in certain cases and under certain requirements.

What insurance can be deducted in the income statement?

Home insurance

One of the deductions that generates the most doubts each year is that of home insurance, which can allow you to save some money if you meet the conditions.

Home insurance is deductible as long as you are the owner of the property and have made an investment in your habitual residence. Also, keep in mind that it is only available to those who bought their property before January 1, 2013, among other aspects that you have to consider.

Specifically, the amount is added to the expenses for housing acquisition, so that it is possible to deduct up to 15%, with a maximum of 9,040 euros. Finally, to make this deduction in the 2022-2023 income statement, you must reflect the home insurance data in boxes 547 and 548.

Life insurance

Life insurance can be deductible in income for the self-employed in direct estimation, if the policyholder and the beneficiary are the same person in cases of disability and serious illness.

These people will be able to deduct life insurance up to a limit of 500 euroswhich is extended to 1,500 euros if they are people with disabilities, reports Safe Point.

health insurance

Another type of insurance that is tax deductible is health, up to a maximum of 500 euros per person and that can be multiplied for each family member included in it (spouse and children under 25 years of age), with a limit of 4,500 euros, says the portal.

For members with disabilities, the maximum is again 1,500 euros.

Car insurance

In general, vehicle insurance is not deducted, but there is an exception in which it is possible: in the case of self-employed people who use it to carry out their professional activityclarifies Digital Economy.

Other types of insurance that can be deducted in the income statement

Finally, from the insurance comparator they mention other insurance that can be deducted in the income of 2023, or in other editions of the declaration. It is about those of sick leave or temporary work incapacity for self-employedwhich can be deducted up to a maximum of 500 euros, and those of professional civil liabilityhired to protect their activity.

Also included in this category of tax deductible products is rent default insurance —the amount of the premium would be deducted from the income from real estate capital, with a variable percentage depending on the autonomous community— and the savings insurance and pension plansif the required conditions are met and under certain limits.