RetireJapan

I'm very lucky to be in a position that is unaffected (so far) by this outbreak.
Thank you for your concern.

Does anyone have experience with How to claim the 13-year Tax deduction?
I was trying to get information from this page:
https://resources.realestate.co.jp/news ... explained/
The headline is a little misleading.

Do I just inform my employer to pay less tax, or do I need to submit something to the City tax office?

I have never claimed any tax deductibles in Japan before.
I usually just get a form to sign once a year from my work.

noonespecial wrote: ↑Mon Mar 30, 2020 8:09 am I'm very lucky to be in a position that is unaffected (so far) by this outbreak.
Thank you for your concern.

Does anyone have experience with How to claim the 13-year Tax deduction?
I was trying to get information from this page:
https://resources.realestate.co.jp/news ... explained/
The headline is a little misleading.

Do I just inform my employer to pay less tax, or do I need to submit something to the City tax office?

I have never claimed any tax deductibles in Japan before.
I usually just get a form to sign once a year from my work.

I just did this for last year's taxes. It was hard to find information online and even when I did, it didn't seem to match up with the paperwork I have. So I just took my whole bag of house and mortgage paperwork and went to the tax office and asked for help.
This page lists the documents you need: http://lawyerjapanese.com/tax-informati ... -in-japan/

#7 on the documents list from the above site is something that is sent to you separately from your loan servicer. Don't worry about filling out the tax forms (#1 and #2) by yourself. The tax office staff helped me out with all that.

You only have to do this your first year. After that, the tax office will send something directly to you, which you will then give to your employer (if they're filing your taxes).

You should also have gotten a statement from your home insurance company, so you can deduct your earthquake insurance as well.

You don’t need to do anything until next year (or the year after your loan starts).

Your bank will send you a certificate of the amount outstanding on your loan. This is the key document. Then get a home loan claim form from the tax office.

I file my own tax returns, so all the house loan documentation was basically supporting paperwork for one box on the main form which deducted the 1% of my loan amount from the amount of tax I had to pay.

I managed to do it all myself. There are various examples on the internet of how to fill the main form in, and the documentation with the form itself is quite useful. Most of the boxes you don’t need.

The second and following years you do this require no more documentation other than the bank’s certificate mentioned above and the claim form itself.

It’s not too bad once you get your head round it all. Then you sit back for 13 years knowing that you may never pay income tax again for all that time! Lovely....

Note: If the amount of the refund exceeds the amount of income tax you have to pay, some more of it goes towards a deduction on your local residents tax. It’s apparently automatic. I’m waiting to see how it works this year for me and will post again if necessary.