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The consultant asks whether interest on a new mortgage for a rented property can be deducted if the original loan is cancelled and replaced by a new one without subrogation. The DGT responds that cancelling the original loan with own funds loses financial traceability and means the new capital cannot be considered invested in the property.
Question raised
For interest to be deductible, there must be a direct succession or concatenation between the previous financing and the new financing. If the original loan is fully repaid with own funds, the financial traceability with the acquisition of the property is lost. In that case, the new loan is not considered invested in the acquisition or improvement of the asset pursuant to article 13.a) of the RIRPF. Therefore, the interest on the new loan shall not be a deductible expense from the net income of real estate capital.
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