How to declare the loan on income tax?

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como declarar o empréstimo no imposto de renda

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The IR (Income Tax) declaration is usually an animal of seven heads every year for many people. Due to numerous rules, such as filing the loan on income tax, errors are common in filing this statement.

In fact, the declaration of the loan in the IR is one of the subjects that ends up generating more doubts, as many do not know whether or not this debt should be included in the declaration.

During the COVID-19 pandemic, more than six million people resorted to personal credit, according to IBGE.

What a lot of these people don't know is that depending on the value of the loan requested, it is necessary to declare this operation in the IR. After all, the Internal Revenue Service may question where the undeclared amount came from, if the person omits this information.

Want to know how to declare the loan on income tax without errors? In this article we will address:

  • What is income tax?
  • Is it mandatory to declare the IR?
  • Do I need to declare the loan in the IR?
  • How is the loan declaration in the IR?
  • How much loan amount must be declared?
  • Is overdraft considered a loan?
  • Should secured loans appear on the income tax return?
  • Should student finance be declared as a loan?
  • Does loan taken from friends enter the tax return?

Interested in the topic? So go ahead with it and have a good read!

What is income tax?

It is a mandatory federal tax that is levied on the income of individuals or legal entities. It is through this annual declaration that the Federal Revenue is able to control the patrimony and how much the person earned throughout the year.

After sending the IR, the Revenue evaluates the data informed to find out if you paid the tax compatible with your earnings throughout the year. Remembering that this is a mandatory contribution, that is, mandatory.

If you paid more taxes in the period, you will receive the income tax refund, “return amount” from the Revenue to the declarant. If it is proven that you have not paid enough, as per your earnings, there will be an extra charge on top of your earnings.

The amounts collected with this tax, according to the Federal Government, are destined to fund projects in the areas of education, health, social inclusion, sanitation and others.

Hence the importance of setting up the declaration correctly, after all, you don't want to run the risk of falling into the fine mesh and having to pay fines to the IRS for that, right?

If you want to know more about how to build IR correctly, check out our article on the topic.

Is it mandatory to declare the IR?

Before knowing how to declare a loan on income tax, it is important to know which people are required, by law, to declare the income tax to the Internal Revenue Service.

THE RFB Normative Instruction No. 2010, of February 24, 2021, describes some profiles that are required to make the declaration. The main ones, considering the calendar year 2021, are those that:

I – received taxable income, subject to adjustment in the declaration, the sum of which was greater than R$ 28,559.70;

II – received exempt income, non-taxable or taxed exclusively at source, the sum of which was greater than R$ 40,000.00;

III – obtained, in any month, capital gain on the sale of assets or rights subject to the levy of the Tax, or carried out operations on stock, commodity, futures and similar exchanges;

V – had, on December 31, possession or ownership of assets or rights, including bare land, with a total value exceeding R$ 300,000.00 (three hundred thousand reais);

VII – opted for exemption from Income Tax on capital gains earned on the sale of residential properties, if the proceeds of the sale are applied to the acquisition of residential properties located in the country, within a period of 180 (one hundred and eighty) days, counted from the execution of the sales contract, pursuant to art. 39 of Law No. 11,196, of November 21, 2005;

VIII – received emergency aid to face a public health emergency of international importance resulting from the disease caused by the Coronavirus identified in 2021 (Covid-19), in any amount, and other taxable income in an annual amount exceeding R$ 22,847.76.

Do I need to declare the loan in the IR?

According to the same normative instruction:

“1 The actual debts and encumbrances existing on December 31, 2021 and December 31, 2021 must also be informed, on behalf of the declarant and their dependents listed in the Annual Adjustment Statement, and the debts and encumbrances constituted or terminated during the calendar year 2021.”

In other words, it is exactly in this passage that it is possible to foresee the obligation on how to declare the loan in the income tax. Now that you know that you must declare it, let's go into detail on how to declare the loan on income tax.

How is the loan declaration in the IR?

To answer the question: “how to declare a loan on the income tax?” it is necessary to list the steps for the process to be carried out assertively.

Below you can see how this declaration should be made.

  1. download the IRS program.
  2. open the “Real Debts and Encumbrances” space;
  3. click on new and include the loan amount that must be greater than £5,000.
  4. choose the code corresponding to the origin of the loan: 11 (bank), 12 (credit companies – financial), 14 (individuals), 15 (loans abroad) and 16 (other debts and real liens).
  5. in the “Discrimination” area, detail all the information about the loan – name and CNPJ of the creditor/financial institution, loan date, etc.
  6. in the fields below “Discrimination”, fill in the debt situation, that is, where it is at the end of 2021 and the end of 2021 and the amount paid at the end of 2021. Remembering that if the loan was made in 2021, the field 2021 will be empty.

How much loan amount must be declared?

Not everyone who takes out a loan needs to declare it in the IR. This obligation is only for those who took an amount greater than £5,000.

Loans that exceed this amount must be included in the income tax return. In other words, in order not to expose themselves to the fine mesh, the individual needs to inform the Internal Revenue Service about this debt.

Is overdraft considered a loan?

When the question arises about how to declare the loan on income tax, many people do not know that the overdraft it also fits into the loan modality in the statement.

For this reason, he must follow the same rules as a common loan in the declaration. That is, if the negative value of your account, of the overdraft, is greater than R$ 5 thousand at the end of the year, it is necessary to include this debt in the subsequent declaration.

Should secured loans appear on the income tax return?

An important detail to know how to correctly declare the loan on the income tax is to set aside financing that use assets as collateral, such as vehicles and real estate, the so-called chattel mortgage.

These assets should not be included in the “Debts and Royal Liens” area, but rather in “Assets and Rights”, a specific area so that the Federal Revenue is aware of this type of debt, related to financing.

Should student finance be declared as a loan?

Another question about how to declare the loan on income tax is whether the student loan fits in this process.

In the case of Fies payment, it must appear in the field “Debt and Real Liens” and the code referring to this type of loan is 13 – Other Legal Entities.

In the discrimination field, the declarant, responsible for the student or the student himself, must enter the data of the bank that granted the credit, with name and CNPJ, in addition to informing the debt balance on 12/31/2021 and 12/31/ 21.

It is important to emphasize that the debt portion cannot be deducted.

Does loan taken from friends enter the tax return?

A friend or family member lent you an amount greater than £5,000, is it necessary to declare this amount in the IR? The answer is yes!

The person who received this amount must enter it in “Real Debts and Encumbrances” using the code “14 – Individuals”. In discrimination, it is necessary to provide information about the loan, such as CPF of the person who lent the money, value, etc.

Just as declaring the loan on income tax will be mandatory for those who received the amount, it is also for those who lent it.

The friend or family member who provided the credit must declare it in the IR. In the “Assets and Rights” area, the person will use the code “51- Credit arising from loan”, where he must enter the data of who received the amount – name and CPF – and how the payment of the loan will be made, in installments or by view, detailing the number of parcels.

If you don't declare a loan, what happens?

Now that you know how to declare the loan on income tax, the question remains: if you don't declare a loan, what happens?

If the taxpayer omits from his income tax return, according to the rules, he becomes aware that he may suffer sanctions from the Internal Revenue Service. An error in the income tax return can generate a fine of 150% on the tax owed to the individual.

For this reason, as we could see, it is essential to know how to organize this declaration and insert the data in their proper places, how to declare the loan on income tax, which was highlighted in the content.

This process is not known to everyone, mainly due to the rules imposed for each case. Like lending through a financial institution, borrowing from friends and family, and others.

In this article, then, you could learn how to declare the loan on income tax, the amount that needs to be declared and in which situations, and found that each model has its particularities and a way to insert information in the income tax return.

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Conclusion

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