Discover the steps to declare the rent of your apartment in the 2023 Income Tax easily and accurately!

With the arrival of the tax return period, it is crucial to make sure that you comply with all your tax obligations, especially if you have obtained income from renting your apartment. Here is a practical guide to declare the rent of your home correctly and without complications.

1. Gather all the necessary documentation: Before you start, make sure you have all relevant documents at hand, such as rental contracts, payment receipts, invoices for associated expenses and any other documents that support the income and expenses related to the rental of your apartment.
2. Identify your rental income: Calculate the total income received from renting your apartment during the tax year. This includes any amounts received from tenants, whether monthly, quarterly or otherwise agreed.
3. Consider deductible expenses: Determine which expenses associated with renting your apartment are deductible under current tax regulations. This may include expenses such as IBI, community fees, mortgage interest, home insurance, repairs and maintenance, among others.
4. Complete your income tax return: Use the corresponding form of the Tax Agency to declare the income obtained from renting your apartment. Be sure to include all income received and deduct allowable expenses accurately.
5. Don’t forget the proportional part: If you are co-owner of the apartment with other people, declare only your proportional part of the income and expenses according to your share in the property.
6. Keep supporting documentation: It is essential to keep all documents and receipts related to the rental of your apartment, as they may be required by the Tax Agency in the event of an inspection.
7. Consult with a professional: If you have doubts or need additional advice on how to declare the rent of your apartment in the 2023 income tax, do not hesitate to consult with our tax advisors.

With these simple and clear steps, you will be able to declare the rent of your apartment in your 2023 income tax return without any problems and make sure you meet all your tax obligations! Don’t wait any longer and make sure you do it correctly to avoid possible inconveniences in the future with Inmo Empire!