Jump to content
House Price Crash Forum
Sign in to follow this  
Ted D. Bear

Us: Tax Break On Mortgage Interest To Go?

Recommended Posts

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!

Share this post

Link to post
Share on other sites

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

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.