When spring arrives, it doesn’t just mean higher temperatures and more hours of sunshine. It also means that it is time to declare.
Between April 4 and 8, the Swedish Tax Agency started sending out income declarations to all those who purchased a digital mailbox by April 3 at the latest.
On March 19, the Swedish Tax Agency began work on sending out declarations in paper form to all those who have not acquired a digital mailbox.
The mistakes you shouldn’t make in the declaration: “Happens often”
The income declaration began to be sent out at the beginning of March to those with a digital mailbox. Photo: Janerik Henriksson/TT
Made a mistake in the declaration? That way you avoid the expensive fee
This is how the loss deduction works in the 2024 return
Every year, everything from additions to deductions is done before it is time to approve the declaration. One of the deductions you can make in the income tax return is the loss deduction.
In an interview with News24 tells Julia Zakrissonhousing economist at Stabelo, how the loss deduction works.
– The loss deduction is about you who have sold a home having to declare this the following year. If you have sold at a large loss, you may not be able to take part in the entire loss deduction. It has to do with the deduction being greater than the tax you have to pay for the year. You can say that it is simply burning inside, she says and adds:
– However, the loss deduction does not happen automatically, but you need to fill in information yourself that shows how much you bought or sold your home for, as well as when the sale took place.
Zakrisson also explains that some of those who make deductions in the declaration will not be able to take part in it completely. The reason is the loss-making business in combination with higher interest costs.
– If the interest deduction and the loss deduction together exceed the tax you have to pay for the year, then you cannot get your full deduction. It is difficult to know how many people it may affect, but given that more people have sold at a loss and the interest costs have been higher, it is reasonable to assume that more people will be affected by this for the income year 2023.
LIST: All deductions you can make in the return in 2024
Julia Zakrisson is housing economist at the mortgage service Stabelo. Photo: Press image Stabelo/Erik CronbergHow big a loss deduction can you make in the 2024 return
When it is therefore time to declare, you may make an interest deduction on all your interest costs of 30 percent up to SEK 100,000. In addition, 21 percent applies on excess amounts. This means that the interest deduction on what exceeds 100,000 is reduced.
– It may sound like a lot with interest costs of over 100,000, but it will be approximately SEK 8,300 a month, which is not that unusual, she tells Nyheter24.
For example, if you have bought a home for six million kroner and sold it in 2023 at a loss of ten percent, this means that you can make a deduction of kroner 72,000 in the declaration.
– Regardless of how much you have lost on your home sale, you have the option of deducting up to 50 percent of the loss. In other words, it can make a significant difference.
This is how you protect yourself against the declaration fraudsters