I have an investment property that I wish to sell.
I purchased the property for 75K 10 years ago and is now worth 225K.
Two years ago I remortgage the property by taking a 125K mortgage on the property.
The mortgage proceeds were used to set up a business abroad.
The question is how does the IR treat the 100K mortgage when the sell the property. Is the sum deductible or allowable to offset the capital gain that I have made. In otherwords is a capital expense.
My question is directed only in terms of CGT and NOT income tax.
K
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