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A taxpayer asks whether the right to deduct home investment expenses is preserved when switching banks by cancelling the existing mortgage and taking out a new one. The DGT responds that if the operation is carried out in a single transaction, the right is preserved and associated costs are deductible.
Question posed: Whether, after performing the restructuring operation through the cancellation and new contracting of a loan, the same right to deduct will be held for the amounts it amortizes or satisfies. Whether the expenses generated by the operation are deductible.
The novation, subrogation, or substitution of a loan does not exhaust the possibility of applying the deduction, provided that the new loan is intended to amortize the previous one. If the cancellation and the signing of the new contract occur simultaneously, the expenses generated by both operations are deductible. However, the proportional part of the installments corresponding to an increase in the principal intended for purposes other than the acquisition of the dwelling shall not be deductible. If the cancellation and the new contracting are carried out at different times and without a direct connection, the right to the deduction for the new financing would be lost.
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