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If I take out a mortgage to finance my purchase, will I be entitled to any allowances?
Tax Law
Antonio Flores Vila
9th of January 2000
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Q. If I take out a mortgage to finance my purchase, will I be entitled to any allowances?
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A. Yes you will. The law allows both residents and non residents for tax purposes to make deductions against the wealth tax bill. You will not be saving a lot, but for the same fee your accountant will reduce your final tax liability in the corresponding amount.
In fact, the law says that any charge or encumbrance (read mortgage) reducing the value of the property can be set off against your yearly annual tax declaration.
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