12 Month Bank Statement Mortgage Program

12 Month Bank Statement Mortgage Program – The banks are in the disparadero by the practices mortgages of the last years. The justice forces them to return the money from the ground clauses for being abusive and also the money for the formalization expenses of the mortgages that they should not have charged.

In both cases, the Treasury expects to collect its share. And you must pay taxes for the compensation of the floor clause and also pay taxes for the formalization expenses.

Taxes for the return of the floor clause

If your bank imposed a floor clause on the mortgage you can ask for your money back and interest for late payment. Of course, do not forget Hacienda. Discover how many taxes you will pay to recover your floor clause.

That the clauses floor of the mortgages were an abuse is not something new, nor that justice forced the banks to withdraw them from the contracts that had it. Yes, it is that banks must return retroactively the money overcharged. The only thing that is not yet clear is how far this retroactivity will go.

The banks are in the disparadero by the practices mortgages of the last years. The justice forces them to return the money from the ground clauses for being abusive and also the money for the formalization expenses of the mortgages that they should not have charged.

In both cases, the Treasury expects to collect its share. And you must pay taxes for the compensation of the floor clause and also pay taxes for the formalization expenses.

Taxes for the return of the floor clause

If your bank imposed a floor clause on the mortgage you can ask for your money back and interest for late payment. Of course, do not forget Hacienda. Discover how many taxes you will pay to recover your floor clause.

That the clauses floor of the mortgages were an abuse is not something new, nor that justice forced the banks to withdraw them from the contracts that had it. Yes, it is that banks must return retroactively the money overcharged. The only thing that is not yet clear is how far this retroactivity will go.

The key sentence of the Supreme Court fixed on May 9, 2013 the date from which the banks should return the money from the floor clause. For its part, the State claims that there is total retroactivity.

Whatever the case, there is one thing you should not lose sight of: you will have to pay taxes for the money in the floor clause. Normally, the bank’s indemnity consists of the amounts charged in an improper manner and the corresponding late payment interest.

We solve all the doubts about it

12 Month Bank Statement Mortgage Program

Those who must pay taxes
The answer is easy: everyone who has obtained a tax advantage. In other words, to whom the bank has returned the money from the floor clause. What happens is that here is not the same if the apartment was a regular residence, second home or was for rent.

What counts are the amounts that have been collected and the fiscal use of the mortgage. Thus, the thing changes according to the situation. The most affected will be those who deducted for the purchase of a habitual residence. In other words, home buyers before January 1, 2018.

Those who did not deduct for housing will not have to pay anything or declare that money in the IRPF. And it is that for fiscal purposes those amounts do not suppose neither profit nor yield.

How many taxes do you have to pay?
The binding consultations of the Directorate General of Taxes V2430 / 2016 and V2431 / 2016 clarify the situation a lot. The agency answers the question of a bank that the refund does not constitute rent subject to rent in general. However, it establishes an exception for those who deducted for housing in the IRPF. In this case, the money received by the floor clause will have a fiscal impact.

Those who deducted for the purchase of their house must return part of these deductions to the Treasury. The reason is that the basis of his deduction was greater than what he should be due to the effect of the floor clause. For you to understand it better, the floor clause made you pay more for your mortgage and it is possible that it artificially increased the taxable base used for the deduction for the habitual residence.

Let’s see it with a concrete example. Juan paid in 2010 10,000 euros of mortgage with floor clause. Without them I would have paid only 8,000 euros. The deduction for housing allows to deduct 15% of the money invested in the house on a maximum base of 9,040 euros. Without the floor clause Juan would have less taxed. That difference is what must be returned to the Treasury by integrating the amount in the liquid quota of the year in which the money is received.

In the case of Juan, we are talking about 1,040 euros of difference that for the purposes of the deduction are 156 euros that would have to be returned to the Treasury.

How to return the excess to the Treasury
The formula to return to the Treasury the extra tax-free money is through a complementary declaration of the one that was already presented at the time. That is to say, that of the 2014 income for the deductions of that year, of 2015 for the one of the last year and so on.

In this article we explain how to present that complementary statement.

What if I do not do the complementary?
What could happen if I have returned the money from the floor clause, I have deducted more for my house and opted not to present the supplementary? In that case, you will be in the hands of the Treasury. The Tax Agency could practice a supplementary if it detects fraud. In that case besides having to return the money, you would be exposed to a fine by the AEAT.

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Expenses of registration of the mortgage
The other battle horse of the users against the banks to collation of the mortgages has to do with the expenses of formalization. The entities were charging the clients with the payment of the notary’s office, the registration of the house and the Tax on Documented Legal Acts.

Last December the Supreme Court opened the door to claims by declaring this type of clauses of several banks abusive. In this sense, judgment 705/2015 of December 23 stipulates that the clauses authorizing the bank to charge these expenses in the mortgage and adding them to the loan have no validity.

The ruling opens the door to claims by all mortgaged who have signed similar clauses.

What expenses can you claim?
You can claim from the bank the return of the expenses of formation of the mortgage, but not so the proper of the sale.

In particular, you can ask for the following concepts to be returned:

The cost of the notary and the registration of the property. The Supreme Court understands that the bank is the principal interested in both procedures and therefore it is he who must pay them.

Tax on Documented Legal Acts. This is a mandatory tax for the formalization of the mortgage and that the Supreme Court understands that the bank must pay as a taxpayer, not being able to pass it on to the mortgaged one.

How to claim the return of mortgage expenses
The procedure to claim is not different from that of other complaints.

The first step to claim is to go to the Customer Service of the bank where you have the mortgage and submit a claim. If within two months you do not receive an answer or this is negative you can already file a lawsuit.

The other option is to join one of the many platforms that law firms are creating to file a common lawsuit. In any case, you should always go to your bank first, although you can do so accompanied by a lawyer.

Until when can you claim
Unfortunately, not all mortgaged people can claim their money.

Those who have already paid their mortgage can claim only if they finished doing so within a period of four years before the judgment, which dates from December 23, 2015. That is, if you finish paying before December 23, 2011 you will not be able to claim the money.

Those who continue to pay their mortgage can claim the return of that money and have a period of four years from the sentence to do so. This means that you can claim until December 23, 2019, included.

Will it be necessary to pay taxes for the expenses of formalization of the mortgage?
The tax issue in this case is exactly the same as in the floor clause. The money returned by the bank is not considered income or performance, provided that the judgment establishes that it has a compensatory nature. In other words, you should not pay for it when making the income statement.

Another question is whether these expenses were deducted as part of the mortgage relief in the rent. In that case, you would have to return the proportional part to the tax credits through a complementary declaration.