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Ted D. Bear

Us: Tax Break On Mortgage Interest To Go?

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The Times reports that the US government may remove tax relief on mortgages as part of a drive to simplify the tax system and save $74billion (!) a year.

“Maybe housing prices aren’t rising as quickly as they once were. But you still have to pay a lot to live in a piece of crap here in L.A.”

Sounds familiar!

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Similar rumblings down under regarding the negative gearing taxation laws.

Whilst in Spain they have finally decided to get (very) serious about foreign property tax dodgers:

Some half a million Britons are said to own a home on the Iberian peninsula - and many rent it out without paying tax on the income. The Spanish revenue has had enough and is launching an efficient clampdown. Jenny Knight reports

"The crackdown has come at a bad time for many British buyers, already suffering from increased competition for tenants from other landlords. Those most at risk of seeing their Spanish dream turn to a nightmare are those who, in the last two years, bought flats off-plan in popular seaside resorts believing that prices would continue to soar and that they would be able to rent out flat to cover their mortgage and make a profit. "

Apparently the authorities acn go back 6 years.. And even if you couldn't find a tenant you'll still be hit as Spanish tax allows for a notional income tax (a tax on theoretical letting rents / benefit in kind tax) in addition to a wealth tax on any assets.... ouch!

Apologies if this has been covered elsewhere.

Edited by Sledgehead

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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