The Annual Tax Return has two main objectives: inform the SAT about your annual income from Income Tax (ISR) and exercise your right to present personal deductions.
As you know mortgage interest deduction is one of the personal deductions that, as a taxpayer, you can deduct from your accumulated income .Among them are payments related to health, education, donations and the payment for the mortgage of your house - real interest of a mortgage loan.
What are real interests?
Real interest represents the return on the payment of an amount of money — in this case, a mortgage payment— after discounting the loss in value due to inflation. These reflect, in a more exact way, the true interests; since the money does not have the same value at the time of the loan as when it is repaid.
How is real interest calculated?
Real interest is equivalent to the result of subtracting the annual rate of inflation - which until November of this year was 3.43% (Banxico) - from the interest actually paid. That is, if your credit rate is 10% and the inflation rate was 3.43%, what you can deduct is 6.57% of real interest.
When and how to deduct the real interest?
The return of mortgage interest deduction must be requested before April 30, the deadline for filing the annual return.
To know the precise amount, the financial institution that granted the mortgage loan must issue a tax receipt, known as a proof of interest , which shows the amount of actual interest paid.
Although the SAT system has this information preloaded, it is important to have proof of interest to compare and verify that the amount is correct.
How to deduct the real interest if there is co-accreditation ?
In this case, financial institutions take it for granted that the real interest was paid by the owner of the loan - since they were not sure who contributed more and who contributed less - which is why a single certificate or voucher is provided.