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Actually, that is exactly how it works: https://pjdtax.co.uk/updates/foreign-mortgage-gain https://pjdtax.co.uk/updates/foreign-mortgage-gain
by blud0t 2y ago
Actually, that is exactly how it works:
https://pjdtax.co.uk/updates/foreign-mortgage-gain https://pjdtax.co.uk/updates/foreign-mortgage-gain
- loeg 2y agoSeems like it would be wise for Americans living abroad to get USD-termed mortgages ("Foreign Currency Mortgage" as far as the UK lender is concerned).
- panarky 2y agoYes, you're right, gains in USD terms when refinancing a mortgage denominated in another currency are taxable. Interestingly, such gains aren't taxable at the (usually lower) capital gains tax rate, but they're taxable at the (usually higher) regular income tax rate.