Loans, how do they appear on the income statement?

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The Income statement on the year of 2017 has already started. It is time to settle accounts with the Treasury and for this, a deadline has been established from April 5 to June 4. From Good Finance , we want to help you make your statement informing you of everything you need to know, such as what boxes to check or the deductions you have to take into account.

However, before confirming the draft, it is important to be clear about what can be deducted and what is not. In addition to several of the tips to save that we have already offered you, one of the issues that most generate doubts are loans, since many taxpayers do not know whether or not they have to declare…. In either case, do not worry! Next, we give you the keys so that you know the role that loans are given in the income statement.

The role of loans in the income statement

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Loans do not increase capital, nor are they an income in the income statement, therefore, we have no obligation to declare them. But despite not having this obligation, there are some cases in which you could deduct the expenses that have originated in your concession, and are:

An investment in own housing

An investment of real estate capital

A reform or work

These reasons, together with the one to reunify the debts , are the most frequent when requesting a loan.

Loans, a customized alternative

Loans, a customized alternative

Although we usually know if it will be positive or negative, that is, it will be our turn to pay or we will return, sometimes the result may surprise us and, in the worst case, we will have to face an expense that we did not have contemplated

Given this unforeseen situation, the Tax Agency allows the fractionation of debt into two installments. This subdivision will be contributed as follows: 60% will be paid in the first term, while the remaining 40% will be paid in the second.

However, this way of dividing it falls short for the taxpayer, especially when it comes to large amounts. To be able to face this payment, citizens usually resort to a loan, since it allows them to adjust the terms in a totally personalized way.

Loan is used as a means of financing

Loan is used as a means of financing

In addition, from this situation others arise in which many times the request for a loan is used as a means of financing. There are times when the Treasury is delayed when it has to return money, negative result, despite the fact that the returns start 48 hours after the deadline is opened and has to end 6 months later than this date (except for specific cases). These circumstances mean that the taxpayer does not know how to assume certain expenses and sometimes has to resort to a personal loan. If you identify with any of these situations, it is important that you take into account the conditions of the loan that you can acquire.

At Good Finance we search, analyze and compare the different loans that best fit your Financial Standing. Remember that we are 100% independent and if you find something better … we will be as happy as you!

Find out all we can help you in getting a loan and get your loan through our app or website, we will be happy to help you!

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