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A taxpayer inquired whether they could deduct interest from a new loan that replaces an original one used to purchase a second rental property. The Directorate General for Taxes (DGT) ruled that interest is deductible on the portion of the capital used to repay the previous loan, but not on any portion representing an increase in the principal for other purposes.
Question posed: Whether the interest paid on the new loan may be deducted
The interest on a new loan is deductible as an expense against the net yield of real estate capital if the new credit is effectively used for the amortization of the original loan linked to the acquisition of the property. Interest on the proportional part of the capital that represents an increase in the principal intended to finance concepts other than the acquisition or improvement of the property shall not be deductible. The destination of the funds and the justification for their repayment must be able to be proven.
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