Tax implication for taking and paying back mortgage payment holidayMake Text Bigger
Having taken 3 months mortgage payment holiday, I now would like to pay back those 3 months interest payments that I deferred.
However, the tax implication seems tricky:
1. The reduction of 3 months interest would reduce taxable outgoings, therefore increase taxable income for this tax year?
2. Then if I payback the 3 moths interest, would it be considered as reducing my loan or considered as tax-deductible interest?
Any thoughts or guidance on this would be appreciated
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