Tax Agency's Warning to Those Who Keep Money Under the Mattress: No More Warnings

Keeping money at home, under the mattress, or in any other private place is a practice that many have considered safe. However, the Tax Agency warns that this habit can have negative consequences.

Here, we will explain what Hacienda says about doing this gesture and if there is a maximum amount we can keep under the mattress. Additionally, it makes clear what consequences could arise from not declaring this money we keep under a roof.

Hacienda Speaks Clearly About Keeping Money at Home: Pay Close Attention

Hacienda establishes that all individuals must declare their assets and money, regardless of where they have them. If you keep a significant amount of money at home and don't declare it, you could be committing a tax violation. The General Tax Law obliges citizens to declare all their assets and rights, wherever they are.

This means that if you don't declare the money you have at home, you could face penalties. Hacienda has the authority to investigate and detect undeclared income, and the consequences can be severe.

Is There a Maximum Amount We Can Keep Under the Mattress?

There is no specific limit set by Hacienda on the amount of money you can keep at home. However, it is important to note that if the amount is considerable and not declared, you could be subject to an inspection. If the situation escalates, you could face the following consequences:

• Economic sanctions: Hacienda can impose fines that vary according to the severity of the violation.
• Late payment interest: In addition to the fine, you may have to pay interest for the time you did not declare the money.
• Judicial proceedings: In severe cases, you could face legal proceedings that could include prison sentences.

Do This to Avoid Problems with Hacienda

To avoid problems with Hacienda, it is advisable to declare all your income and assets. Include any money you have at home in your Income Tax Return.

Additionally, you must keep the receipts. Maintain records of all your financial transactions and savings. Consult with a professional if you have doubts about your tax obligations, so it is advisable to seek professional advice.

Thus, although keeping money at home may seem like a safe option, it is essential to declare all your assets and savings. All to comply with the law and avoid penalties.