Loans and interest on loans
If you have loans, this will reduce your wealth. Usually, you’ll pay interest on your loans. When you pay tax, you can claim a deduction for interest on loans (debt). This means that you pay less tax.
Does this apply to me?
This applies to everyone who has loans and pays interest. This could, for example, be:
- mortgages
- student loans
- car loans
- consumer loans
- loans from your employer
- private loans, for example, from family members
- loans you have outside of Norway
What you need to do
You must enter information about your loans and interest in the tax deduction card and the tax return so that your tax is correctly calculated.
We gather the information from your previous tax assessment and adjust it against the expected increase or decrease in interest for 2024. If you took out a loan in 2023, it is not pre-filled. Then you must enter the information yourself.
If interest increases or decreases during the year, or if there are other changes to your private financial situation, this can affect how much tax you have to pay. This is why it’s important that you check the information and make changes if there are errors.
If the interest in your tax deduction card is higher than what you end up paying during the year, you risk paying too little tax and then having to pay the underpaid tax when you receive the tax return.
If you have more than one loan, you must add up the loans and interest on all loans and enter this information in the tax deduction card. If you have a joint loan with someone, you must also check that the allocation of the loan and interest is correct.
Every year, you’ll receive a summary of your loan and the interest you’ve paid from your bank, the Norwegian State Educational Loan Fund (Lånekassen) and others you may have borrowed money from. This summary is often called an annual statement (årsoppgave). Check that the figures in your annual statement(s) are the same as in your tax return. If you have a joint loan with someone, you must also check that the allocation of the loan and interest is correct.
You can claim a deduction on the following interest
You can claim a deduction for accrued interest, that is, the obligation you have to pay the interest. For most loans, you pay interest according to a repayment plan. You can claim a deduction for such interest as long as you pay the interest during the year.
For some loans, such as senior loans, flexible loans and credit loans, interest will accrue during the year even if you’re not required to pay them. You can claim a deduction for this interest also.
You cannot claim a deduction for:
- interest on underpaid tax
- debt-collection charges
- expenses relating to debt collection
- interest that you’re not responsible for, for example, if you repay someone else’s loan
Hvis du ikke betaler restskatt til forfall og må betale forsinkelsesrenter, får du fradrag for disse. Forsinkelsesrenter er forhåndsutfylt i skattemeldingen din.
Hvis du har ubetalt lån som går til inkasso, må du betale både
- lånet du skylder, som går til den som har gitt lånet, for eksempel banken,
- gebyr og omkostninger til inkassoselskapet (innkassosalær)
og - renter til inkassoselskapet, ofte kalt renter på omkostninger
Dette gjelder uansett om du betaler selv eller om kravet går til tvangsinnfordring med for eksempel trekk i lønn eller pensjon.
Du kan få fradrag for renter til inkassoselskapet, men du får ikke fradrag for inkassosalær du skylder eller gebyr og omkostninger til inkassoselskapet.
Du må selv legge til «Renter til inkassoselskapet» i skattemeldingen under «Andre kapitalkostnader». Du finner dette beløpet i årsoppgaven eller dokumentasjonen du har fått fra inkassoselskapet. Her kalles det ofte renter på omkostninger eller internrenter.
Renter til banken gjennom inkassoselskap er allerede rapportert inn av banken som «Betalte misligholdte renter» under Lån og renter. Det kan for eksempel være boliglån som ikke er betalt.
Renter til andre gjennom inkassoselskap er ikke forhåndsutfylt. Du må selv legge det til under «Annen gjeld». Det kan for eksempel være renter på inkassosak fra teleselskap, strømleverandør og lignende.
Hvis inkassoselskapet overtar hele kravet, for eksempel hele lånet fra banken, blir alle renter som du kan få fradrag for rapportert inn og forhåndsutfylt i skattemeldingen. Ofte krever de inn gjeld og omkostninger til inkasso først. Når de ikke krever inn renter, får du heller ikke fradrag.
If you've paid interest to Klarna, this has not been pre-filled in your tax return. You must enter this yourself in the tax return under "Other loans". You do not need to enter an identification number.
You can see how much interest you've paid in your purchase history in the Klarna app or on the Klarna website. You’ll also get an annual statement from Klarna.
If you owed money that you had not yet paid as at 31 December, you can also add the amount as a loan under "Other loans".
Documentation
You do not need to send us any documentation of loans and interest. You must, however be able to provide documentation if we ask for it, such as an annual statement or a confirmation from the bank or other party that you have borrowed money from.
Fordeling av lån du har sammen med andre
Hvis du har lån sammen med andre, skal både lånet og renter på lånet fordeles mellom dere.
Specific information if you have
Hvis du har refinansiert lånet ditt, for eksempel for å få lavere rente, kan du få fradrag for kostnader du har knyttet til refinansieringen. Du får kun fradrag for kostnader til refinansiering, ikke ved kjøp og salg av eiendom.
Banken rapporterer inn alle renter og alle andre kostnader som er innbetalt til dem som du kan få fradrag for. Etableringsgebyr og termingebyr er også tatt med her. Dette blir rapportert inn for både det gamle og det nye lånet.
Hvis du har hatt andre kostnader knyttet til refinansiering, må du selv legge til beløpet som "Andre kapitalkostnader". Det kan være
- takstmann, rådgivning og andre omkostninger for å oppnå lavere rente.
- tinglysingsgebyr av pantobligasjon.
- andre omkostninger ved opptak av lån som er betalt til andre enn banken.
Du får kun fradrag for disse kostnadene hvis de er knyttet til refinansiering av lån.
What you need to do:
1. Check your tax deduction card
You’ll find information about loans and interest on loans in the repayment plan provided by your bank. The plan states how much you will pay in instalments and interest on the loan. Check that the figures in your tax deduction card are the same as the total amount for the whole year in your repayment plan.
If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.
If you have a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.
If anything is incorrect, you must change your tax deduction card.
You can make changes throughout the year.
2. Check the tax return you’ll receive in March
Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.
Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your bank.
If you believe that the bank has reported incorrect information, you should contact your bank so that they can correct this.
If you have a joint loan with someone, you must check that the allocation of loans and interest on loans is correct.
You’ll find information about loans and interest on loans in the annual statement that you’ll receive from the jointly-owned property or housing association.
What you need to do:
1. Check your tax deduction card
Check that the figures in your tax deduction card correspond to the loans you’ll have and the interest you’ll pay during the entire year.
If the jointly-owned property or housing association has a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that the jointly-owned property or housing association has a fixed interest rate.
If anything is incorrect, you must change your tax deduction card.
You can make changes throughout the year.
2. Check the tax return you’ll receive in March
Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.
Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from the jointly-owned property or housing association.
If you believe that anything is incorrect, you should contact the jointly-owned property or housing association so that they can correct this.
What you need to do:
1. Check your tax deduction card
You’ll find information about loans and interest on loans in the repayment plan provided by the Norwegian State Educational Loan Fund (Lånekassen). Check that the figures in your tax deduction card correspond to the loans you’ll have and the interest you’ll pay during the entire year.
If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.
If you have a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.
If anything is incorrect, you must change your tax deduction card.
You can make changes throughout the year.
2. Check the tax return you’ll receive in March
Your tax return is usually pre-filled with information about loans and interest. Lånekassen will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.
Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from Lånekassen.
If you believe that anything is incorrect, you should contact Lånekassen so that they can correct this.
What you need to do:
1. Check your tax deduction card
You’ll find information about loans and interest on loans in the repayment plan provided by your bank. The plan states how much you will pay in instalments and interest on the loan. Check that the figures in your tax deduction card are the same as the total amount for the whole year in your repayment plan.
If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.
If you have a fixed interest rate, it’s extra important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.
If anything is incorrect, you must change your tax deduction card.
You can make changes throughout the year.
2. Check the tax return you’ll receive in March
Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.
Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your bank.
If you believe that the bank has reported incorrect information, you should contact your bank so that they can correct this.
If you have a joint car loan with someone, you must check that the allocation of loans and interest on loans is correct.
What you need to do:
1. Check your tax deduction card
You’ll find information about loans and interest on loans in the repayment plan provided by your bank. The plan states how much you will pay in instalments and interest on the loan. Check that the figures in your tax deduction card are the same as the total amount for the whole year in your repayment plan.
If you do not know how much interest you’ll have to pay on the loan during the year, ask your bank.
If anything is incorrect, you must change your tax deduction card.
You can make changes throughout the year.
2. Check the tax return you’ll receive in March
Your tax return is usually pre-filled with information about loans and interest. Banks will report all loans, interest expenses and other expenses that you can claim deductions for, such as instalment charges and establishment fees.
Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your bank.
If you believe that the bank has reported incorrect information, you should contact your bank so that they can correct this.
What you need to do:
1. Check your tax deduction card
Check that the loan is included in your tax deduction card, and that the figures are correct. If the loan is not pre-filled, you must enter the information yourself. Remember to include interest on the loan if relevant.
2. Check the tax return you’ll receive in March
You must add the loan and any interest that you pay in the loan yourself in the tax return.
Include a signed loan agreement and proof that interest has been paid according to the agreement, for example, a bank statement.
What you need to do:
1. Check your tax deduction card
Check that loans and interest on loans outside of Norway are included in your tax deduction card, and that the information is correct. If the loan is not pre-filled, you must enter the information yourself.
If you have a fixed interest rate, it’s particularly important that you check your tax deduction card. If your tax deduction card is pre-filled with information about loans and interest on loans, the figures will be incorrect because we do not know that you have a fixed interest rate.
2. Check the tax return you’ll receive in March
You must enter loans and interest on loans that you have outside of Norway in your tax return.
What you need to do:
1. Check your tax deduction card
You’ll find information about loans and interest on loans in the annual statement or repayment plan provided by your employer. Check that the figures in your tax deduction card correspond to the loans you’ll have and the interest you’ll pay during the entire year.
If anything is incorrect, you must change your tax deduction card.
You can make changes throughout the year.
2. Check the tax return you’ll receive in March
Check that the information about loans and interest on loans in your tax return corresponds to the annual statement you’ll receive from your employer.
If anything is incorrect, you must change your tax return. You should also contact your employer and ask that they correct the information that they send to the Tax Administration.