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The taxpayer asks whether they can continue to deduct the installments of a new mortgage loan in euros intended to cancel a previous one in yen. The DGT responds that the substitution of one loan for another does not exhaust the right to the deduction, provided that the new loan is effectively used for the amortization of the previous one.
Question posed: Whether, after performing the restructuring operation in 2020, due to the resulting form of indebtedness, the taxpayer will have the same right to deduct the amounts that are amortized or satisfied by it.
The subrogation or substitution of a loan does not conclude the financing process nor exhaust the possibility of applying the deduction. The annual installments of the new loan shall entitle the taxpayer to the deduction in the proportional part attributable to the amortization of the original loan intended for the residence. The proportional part of the annual installments corresponding to the increase in principal derived from the extension shall not be subject to deduction. The loss of the right would occur if a debt cancellation were to take place followed by a subsequent obtaining of credit without continuity between the two.
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