The income tax filing deadline for 2019 starts on March 7 and ends on April 30. If you applied for a loan or made a loan in 2018, you may be asking, “ How do you file an income tax loan? “. The answer is simple and let’s help!
How to declare income tax loan?
If you are already preparing the Income Tax Loan Statement, remember that you only need to make this statement when the amount taken exceeds $ 5,000 . This is as true for loans with financial institutions as for loans with friends, family or acquaintances.
To declare the loan in Income Tax you will need to inform it in the form of Debts and Real Burden. This is where the nature of the debt and the creditor’s CPF or CNPJ (who granted the loan) will be informed.
If you have more than one loan, you will need to create an item for each of the lenders who lent you an amount. To do this, use the specifications according to codes 11 through 16:
11. commercial banking establishment;
12. Credit, financing and investment companies;
13. Other legal entities;
15. foreign borrowings;
16. Other debts and liens.
If you have made the loan advance , this should also be noted in the statement. This will ensure that you have no irregularities regarding this credit the following year.
Not everyone needs to declare
Anyone who has taken out a loan worth up to $ 5,000 need not put this credit on the statement.
Overdraft needs to be declared
Overdraft is also a type of loan. If your account has been negative for more than $ 5,000 during the reporting year, you must enter this information.
Who borrow also declares?
Anyone who has made a loan worth more than $ 5,000 must also declare this the following year. To do this, you must use the “Property and Law” form, in code 51 (Loan Resulting Credit). In the “Discrimination” field, the lender should enter the loan amount, the borrower’s social security number (to whom the money was borrowed), and the name of the person.
When to make the IR2019 statement
The deadline for filing the 2018 Income Tax Return is March 7 through the end of April , according to a schedule released by the IRS last week. It will refer to calendar year 2018. Those who miss the deadline will be subject to a fine of 1% per month on the tax due.
Persons who received taxable income in excess of $28,559.70, as well as those with exempt income, not taxable or exclusively taxed at source, above $40,000 will be required to declare the tax. The taxpayers who sold real estate and obtained a capital gain, those who own real estate with value over $ 300,000.
In addition, the IRPF must also declare those who have sold shares on the stock exchange or received more than $142,798.50 in rural activity or that have a rural loss to be compensated in the current year or in the coming years. Added to these, the taxpayers who lived in the country in 2018 and stayed until December 31 and those who sold a property and bought another within 180 days, which guarantees the exemption of IR at the time of sale, must make the statement.
Documents required to declare IR2018
When making the income tax return you will need the following documents:
- Copy of the IR statement of 2017;
- Voter’s title;
- Income Statement (Received from Paying Sources) – Salaried;
- Copies of receipts and invoices issued – autonomous;
- Cashbook – freelance;
- INSS Income Report – for those who receive social security benefits;
- Financial income reports (provided by banks);
- Report on payment of contributions to private pension entities (and entity’s CNPJ);
- Receipts / payment slips of school expenses of the taxpayer himself and his dependents (required by the entity’s CNPJ);
- Receipt of rents paid or received in 2017;
- Name and CPF of beneficiaries of health expenses (medical, dental, etc.);
- Name and CNPJ of beneficiaries of payments to legal entities (health plan, laboratory testing clinics, hospitals, etc.);
- Name and CPF of donations / inheritance beneficiaries (and respective amount);
- Name and CPF of dependents older than 14 years (completed by December 31, 2017);
- Name and social security number of former spouses and children receiving child support;
- Domestic employee data and information regarding the payment of INSS contributions. It will be necessary to have in hand the name, NIT, CPF and total amount paid;
- Deeds or commitments to purchase and / or sell real estate or land acquired in 2017
- Document of purchase and / or sale of vehicles, as well as the make / model, nameplate and CPF / CNPJ of the buyer / seller;
- Document of purchase of vehicles or goods by consortium;
- Documents related to labor terminations with individual values of salaries, vacation, FGTS, 13th salary, etc.
Since 2018 anyone who declares Income Tax and has dependents older than 12 years (complete by December 31, 2018) must present the CPF of these dependents. Previously the age limit was 14 years.
If you paid off a loan at Lendico in 2018 and your loan amount exceeded the minimum for the Income Tax return, then you need to request your statement to make the correct credit entry.
You can apply for the Income Statement loan statement by talking to the lender bank of your loan. To do this, you should check on your bank credit note (CCB) which bank originated the credit.