Do you own a property and want to know if it can help you save on taxes? In this article, you'll find out when owning real estate becomes relevant for your tax return and how to enter this information in the Taxfix app.
- Privately used properties offer only limited tax advantages.
- Owning property becomes tax-relevant only when it is rented or leased.
- Taxfix currently supports certain rental income starting from the 2023 tax year.
🚀 Your Guide
- What applies to privately used property?
- Which costs can you deduct if you live in the property yourself?
- When does a property become tax-relevant?
- What information can you enter in the Taxfix app?
What applies to privately used property?
If you own a property and live in it yourself, it is only marginally relevant for your taxes. As a rule, you cannot deduct acquisition or ongoing costs such as loan interest or depreciation.
Which costs can you deduct if you live in the property yourself?
Even if you live in your property, there are some expenses you can enter in your tax return:
- Household-related services, such as cleaning, gardening, snow removal
- Craftsman services, such as repairs, renovations, maintenance
📌 You can enter these expenses in the “Expenses” category in the Taxfix app. If a certain type of expense is not listed there, it usually cannot be claimed for tax purposes.
When does a property become tax-relevant?
As soon as you rent out or lease your property, it becomes relevant for tax purposes. You can then declare your income and also deduct advertising expenses, such as:
- Interest from property loans
- Repair and maintenance costs
- Depreciation on the building's value
- Agent fees or management costs
💡 Simply purchasing a property is only tax-relevant once it generates income, such as through rental.
What information can you enter in the Taxfix app?
If you earn income from renting or leasing, you can enter this in the app starting from the 2023 tax year.
To do this, go to the “About You” section in the app and select the option “Rental and leasing of real estate”. You'll then be guided step-by-step through the necessary information.
🚨 Note: Taxfix currently supports only specific types of rental income for the 2023 and 2024 tax years.
Not sure if your case is supported? Our support team will be happy to help.
🚀 Fill out the simple question-answer flow - we'll take care of the rest!
Still have questions?
We're here to help! Contact our support team: support@taxfix.de