Is an outstanding balance insurance tax deductible?

Outstanding balance not only provides extra protection to your dependents, even in life there are certain advantages to the outstanding balance. Thus an outstanding balance insurance premiums tax deductible under certain conditions. Yet it is not always interesting to mention your outstanding balance in your tax ... Find out why!

Outstanding tax deductible? These are the conditions!

Not everyone is entitled to a tax benefit. So should the outstanding balance to be completed before the age of 65 the beneficiary of the person, must be that full ownership or usufruct of the property is, and the outstanding balance must in the main have been completed. The latter means that the outstanding balance only tax deductible in the formula Hypo Protect Classic , which covers one insured. In the cheaper Hypo Protect 2win formula are two insured covered within the same insurance policy and the premium payments are not tax deductible ! 

Outstanding non-tax contributions

The outstanding balance on its own head is tax deductible, but whether the insertion of the outstanding balance is the best choice depends on the situation. Who are survivors as large as possible amount will fail, may consider not to bring in premiums from its outstanding balance. That way there is indeed no taxes to be paid on the paid capital. Even if you opt for the tax in life, have to watch out! The repayment of the loan principal and interest, together with the premium of the outstanding balance after all, a whole to supplement the deductible basket. If the maximum deductible basket is already full, it is meaningless to the premium of the outstanding balance to bring. In case of death shall be responsible for the amount paid, while you do not even really enjoy a tax rebate or tax advantage

Loan indeed tax contributions

The introduction of premiums is only interesting if the deductible basket not yet filled is. That may be the case if there are no large amount of your loan is paid off. If you opt for the single premium ? Then inserting the outstanding balance is a good way to reach the maximum amount, especially if you concern outstanding balance at the end of the year for the purchase of your home or other investment starting next fiscal year.