Is the Interest on my line of credit deductible? A
Hi David, If I purchase an investment property using a power line of credit, can I deduct the interest like the interest in a regular mortgage? Thanks Ali ---------------------------- david ingram replies: Yes! And, if you take the rents you are receiving and use them to pay down your personal non-deductible mortgage or pay off your non-deductible car or boat loan, you can continue to borrow money to pay off the rental expenses and make those non-deductible mortgages deductible. go to www.centa.com go to newsletters go to 2001 read the November 2001 newsletter for more info, david ingram - [email protected] <mailto:[email protected]> 108-100 Park Royal South West Vancouver, BC, CANADA, V7T 1A2 (604) 913-9133 - (604) 913-9123 www.centa.com <http://www.centa.com> Cell is (604) 657-8451 (10 AM to 10 PM seven days a week) US/Canada Real Estate Taxation Specialists US / CANADA / MEXICO Working Visa and Income Tax Specialists Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com <http://www.centa.com> . If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.505 / Virus Database: 302 - Release Date: 7/30/03
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