Posted on 31 July 2023

Maximize Your Savings: Tips to Deduct Your Housing Savings!

πŸ’°πŸ’‘πŸ  In Luxembourg, reduce your tax bill with home savings! Invest wisely with plans such as the old-age pension plan or the home savings plan πŸ‡±πŸ‡Ί.
Β You'll benefit from tax deductions and a government guarantee for your first purchase. πŸ’ΌπŸ”

πŸ’‘πŸ“ To keep your premiums tax-deductible:
Β Do not cancel the policy during the first 10 years after taking out the policy.
Example: Emma takes out the policy in 2015 and cancels in 2021, resulting in rectifying taxation.
Use the funds in the plan for tax-favoured expenditure, such as your personal home πŸ‘πŸ”§.
Example: Finance your main residence or maintenance and repair work.
πŸ’ΆπŸ’Ό The deductibility limit is €672/year/person, doubled to €1,344/year/person if under 41.
Example: John and Eva are under 41 and have one child, their deduction limit is €4,032.
Find out how to benefit from a government guarantee thanks to home savings by making minimum payments of €290/year for 3 years. πŸ’ͺ🏦

Β #HousingSavings #TaxReduction #Luxembourg #Real EstateInvestment


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