Learn To Declare A Loan On Income Tax

The deadline for the declaration of Personal Income Tax (IRPF) for 2018, base year 2017, began on March 1 and runs until April 30. The taxpayer who took out loan above $ 5,000.00 (individual or added) last year must include in the Income Tax return.

Anyone who fails to file the Income Tax statement within the period established by the Federal Revenue Service must pay a fine of at least R $ 165.74, deducted from the amount of the refund.


Why loans are declared in the Income Tax?

Types of loans that must be declared in the Income Tax

The loan taken may justify the acquisition of assets. For this reason, the minimum loan amount that needs to be included is $ 5,000.00.

It is important to note that it is mandatory to include in the Income Tax loans borrowed (in banks, financial, with people) and also granted (for friends, relatives), when they exceed the amount of R $ 5,000.00.

In the case of loans granted, the information must be completed in “Assets and Rights”.


Types of loans that must be declared in the Income Tax

  • Personal Loan: amount equal or superior to R $ 5,000.00;
  • Payroll loans : amount equal to or higher than R $ 5,000.00;
  • Special Check : when the outstanding balance exceeded R $ 5,000.00 in the period.


Loan in Income Tax: code

Loan in Income Tax: code

To populate the “Code” field, click “New” and choose one of the options. In the case of loans made to the bank, the option is ( commercial banking establishment.

If you have contracted one or more loans in the amount equal to or greater than R $ 5,000.00 in a financial company, choose option , credit, financing and investment company.

Did you borrow money from a friend? If the amount is equal to or above R $ 5,000.00, you must also declare in the Income Tax, choosing the option individuals.

Loans contracted abroad have a specific option . The last option other debts and actual liens should be chosen when none of the above options corresponds to the type of loan taken.


Income Tax Loan: Discrimination

Income Tax Loan: Discrimination

In the “Discrimination” field on the “Debts and Real Charges” tab, the taxpayer must provide details of the loan taken:

  • corporate name and CNPJ of the creditor;
  • total number of plots;
  • date of payment of the first installment;
  • amount of installments paid so far;
  • amount of installments that are missing to pay off the debt.

You will also need to enter the balance due on two different dates in the fields “Situation on 12/31/2016” and “Situation on 12/31/2017”.

If there is no outstanding balance in the year preceding the base year (2016), the field should be blank. The amount that was paid in the base year (2017) must be entered in the field “Amount paid in 2017 (R $)”.

To avoid falling into the fine mesh, fill in the fields with correct information and values. If necessary, contact the bank or financial institution and see the statement of your loan.

Whoever turned in the Income Tax and did not include the loan or filled in some wrong field, can make a rectifying statement within 5 years.