Bank Writes Off Swiss Franc Mortgage. Is PIT Tax Required?

Taxpayer questions whether PIT tax is due after bank compensates for Swiss franc mortgage taken in 2008.

Mortgage Details

In 2008, a taxpayer and their spouse took out a mortgage indexed to the Swiss franc. The couple used the loan funds to purchase a building plot and repay an earlier housing loan.

Property Development

The couple built a house and subsequently moved to an apartment.

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