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The applicant asks whether amounts used to repay a loan intended for the renovation of their main residence can qualify for the deduction for investment in the main residence. The Directorate General for Tax (DGT) responds that, as the property was acquired in 2013, the transitional regime allowing such a deduction cannot be applied.
Question posed: Confirm that the amounts intended to amortize or reduce the provisions of loan "P2", in the portion of its principal that was used to amortize "P3", are eligible to form the basis for the deduction for investment in the primary residence, due to the fact that loan "P3" was intended to finance the rehabilitation that would eventually constitute the primary residence.
The deduction for investment in the primary residence was abolished as of January 1, 2013. A transitional regime exists for those who acquired the residence or paid for rehabilitation works before that date. Since the residence subject to this inquiry was acquired in 2013, neither the transitional regime for its acquisition nor for its subsequent rehabilitation is applicable.
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