For a husband and wife, mortgage tax deduction means that when both husband and wife bear the mortgage, one of them can choose to take the mortgage interest as a special additional deduction for personal income tax to reduce the personal tax burden. This policy aims to encourage residents to buy houses and reduce the financial burden on families.
First, the applicable conditions of mortgage loan tax deduction
Mortgage tax deduction is applicable to the situation that both husband and wife jointly purchase houses and jointly bear the mortgage. It should be noted that both husband and wife can only choose one of them to enjoy the mortgage interest tax deduction, and cannot enjoy it repeatedly. In addition, the deducted mortgage interest must be the interest generated from the purchase of the first house, which must be ordinary housing, excluding non-ordinary housing such as commercial housing.
Second, the operation process of mortgage tax deduction
For eligible couples, when the annual personal income tax is settled, one of them can choose mortgage interest as a special additional deduction item. The specific operation process includes collecting relevant supporting materials, such as mortgage contracts and repayment records, and then filling them in the personal income tax declaration system. The tax department shall review the declaration information and enjoy the corresponding tax deduction after confirmation.
Iii. Precautions for pre-tax deduction of mortgage loans
In the process of enjoying the mortgage tax deduction, both husband and wife should pay attention to the following points: First, ensure that the mortgage contract, repayment records and other supporting materials provided are true and effective; Secondly, timely understand and abide by the relevant regulations and requirements of the tax authorities to ensure the accuracy and completeness of the declared information; Finally, pay attention to protecting personal privacy and information security and avoid revealing personal information.
Fourthly, the preferential effect of tax relief on mortgage loans.
The policy of deducting individual tax from mortgage is of great significance for reducing the economic burden of families and promoting the healthy development of the real estate market. By deducting mortgage interest, the tax burden of families can be reduced to some extent and the living standards of residents can be improved. At the same time, this policy also helps to encourage residents to buy houses and promote the stable development of the real estate market.
To sum up:
The mortgage tax deduction policy allows one spouse to deduct mortgage interest as a special additional deduction for personal income tax to reduce personal tax burden. When enjoying this policy, both husband and wife need to know the applicable conditions, operating procedures and precautions, and ensure that authentic and effective certification materials are provided. By correctly applying the mortgage tax credit policy, the family tax burden can be effectively reduced and the quality of life can be improved.
Legal basis:
Individual Income Tax Law of the People's Republic of China
Article 6 provides that:
Calculation of taxable income:
(1) For the comprehensive income of individual residents, the taxable income shall be the income after deducting expenses of 60,000 yuan, special additional deductions and other deductions determined according to law.
Interim Measures for Special Additional Deduction of Individual Income Tax
Article 14 stipulates:
If taxpayers or their spouses use individual housing loans from commercial banks or housing accumulation funds alone or jointly to purchase housing for themselves or their spouses in China, the interest expenses incurred in the first housing loan shall be deducted according to the standard quota of 1 000 yuan per month in the year when the loan interest actually occurred, and the maximum deduction period shall not exceed 240 months. Taxpayers can only enjoy a first home loan interest deduction.