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'I bought a house like the president and got a tax audit,' says homeowner
๐Ÿ‡ฐ๐Ÿ‡ท South Korea /Elections & Politics

'I bought a house like the president and got a tax audit,' says homeowner

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • A homeowner claims they faced a tax investigation after purchasing a house using a method similar to one employed by presidential candidate Lee Jae-myung.
  • The controversy surrounds Lee Jae-myung's sale of his long-held apartment, where he reportedly utilized a 'landlord's mortgage' to facilitate the transaction.
  • This method is being scrutinized amid current regulations limiting mortgage loans for high-value properties.

A homeowner has come forward alleging they were subjected to a tax audit after purchasing a property using a method they describe as being similar to one used by presidential candidate Lee Jae-myung. The homeowner stated, "I bought a house in the same way as President Lee Jae-myung and was investigated by the National Tax Service."

The controversy stems from Lee Jae-myung's recent sale of his apartment in the Yangji Village Geumho 1st complex in Bundang, Gyeonggi Province, which he had owned for approximately 30 years. Reports indicate that Lee utilized a 'landlord's mortgage' (jeonse mortgage) when selling the property for 2.9 billion won (approximately $2.1 million USD).

This practice is drawing attention because current regulations restrict mortgage loans for homes valued at over 2.5 billion won (approximately $1.8 million USD) to a maximum of 200 million won (approximately $145,000 USD). The use of a landlord's mortgage by Lee Jae-myung in this context is being questioned, particularly concerning potential tax implications and adherence to financial regulations.

I bought a house in the same way as President Lee Jae-myung and was investigated by the National Tax Service.

โ€” HomeownerA homeowner describing their experience with a tax investigation after using a similar property purchase method to presidential candidate Lee Jae-myung.
DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.