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A taxpayer inquires whether they can continue to deduct the investment in their primary residence after canceling their current mortgage and simultaneously entering into a new one. The DGT responds that if the cancellation and new contracting operation is simultaneous, the right to the deduction is maintained.
Question posed: Whether, after performing the restructuring operation through the cancellation and new contracting of a loan, the taxpayer will have the same right to deduct the amounts that are amortized or satisfied by it. Whether the expenses generated by the operation are deductible.
The novation, subrogation, or substitution of a loan does not exhaust the possibilities of applying the deduction, provided that the new loan is intended for the amortization of the previous one. If the cancellation and the signing of the new contract are carried out in the same simultaneous act, the expenses generated by both operations shall be deductible. However, the portion of the annual installments corresponding to an increase in the principal intended for purposes other than the acquisition of the residence shall not be deductible. In the event that the cancellation and the new contracting occur at different times and without a direct connection, the right to the deduction for the new financing would be lost.
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