How and when to inform us?

You provide the details of the loan for your owner-occupied home annually in your income tax return. This applies to a new loan but also to an adjusted existing loan.

What happens if you do not inform us (on time)?

If you fail to (timely) provide us with the details of your home-owner loan (or change thereof) in your income tax return, then the loan will not (any longer) be part of your home acquisition debt in the relevant tax return year. In that case, you are not entitled to deduct interest on this loan.

Example

You took out a loan for your owner-occupied home in January 2019. However, you do not provide information about this loan when you file your 2019 income tax return. In your 2020 income tax return you do file the loan details. This means that the loan will not be part of your home acquisition debt for the year 2019 and you cannot deduct interest. For 2020, the loan is part of your home acquisition debt because you provided the details in the 2020 tax return. You are entitled to interest deduction for 2020.

Adjusting your tax return

Did you forget to file the loan details in your tax return? Then you can file an improved tax return that includes the full details. Please do this before our assessment is final. If you have already received a final assessment, you must file the improved tax return before our assessment is irrevocable. An assessment is irrevocable once the period of 6 weeks for objection and appeal has expired.

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