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The taxpayer asks whether they can continue to claim the tax deduction for investment in their main residence after replacing their mortgage loan with one offering better terms. The Directorate General for Taxes (DGT) rules that replacing one loan with another does not exhaust the right to the deduction, provided the new loan is used to repay the previous one.
Question posed: Possibility of continuing to claim the deduction from 2015 onwards for the amounts allocated to amortizing the new loan, whose capital could be increased solely by the inclusion of only those expenses inherent to its formalization; also considering the fact that the deduction for investment in the primary residence was abolished with effect from 2013.
The substitution of one loan for another with the same guarantees and conditions does not conclude the financing process nor exhaust the deduction, as it only modifies the agreed conditions. The annuities of the new loan shall entitle the taxpayer to a deduction in the proportional part allocated to the amortization of the original loan. Likewise, the increase in capital to finance the costs of the substitution also forms part of the deduction base. Continuity between both loans is required to maintain the right.
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