5 year + wait

A

ado123

Guest
Hi
I purchasedd a apt. in Spain off plans in Sept. 2001
Complex is still not finished
have been paying some loan on the property since then and paying full mortgage since May 2005
Anyone else in the same position?
I suppose its nearly finished now and it has full planning so i am not the worst case i have heard of, But still i have no ssia (as i could not afford it)and have repaid at least €20k in interest since then.
There is some increase in value but will i be able to sell it.
Any thoughts
 
If you were able to affored to pay €20k since 2001 i think you could have afforded the max €15k that you could have paid into the SSIA scheme.

I would be looking for assurances as to when propery will be finished
 
property is finished and i have the keys but no landsacping done and no electricity or water don't know when they will be in
have a solicitor in ireland working on the case for me as well as my solr. in spain.


was just about able to afford 20k interest payments not another 15k on top of 20k for the ssia payments

if i sell the property can i write off all the interest i pay on the loan against cgt?

at least the spainish rate has reduced to 18% from 35% so it might spark up the market....?????
 
ado123 said:
if i sell the property can i write off all the interest i pay on the loan against cgt?
Click to expand...
No. You can only write off interest against rental income. And possibly only interest charges incurred while renting but not beforehand.
at least the spainish rate has reduced to 18% from 35% so it might spark up the market....?????
Click to expand...
You mean the rate of CGT? Note that you are probably liable for Irish CGT but probably get a credit for any Spanish CGT deducted/paid.

You really should get independent, professional advice on tax matters in both jurisdictions.
 
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