This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
This has been edited to put it into better English for the
public. Most has been left in original state but everyone should
get the idea.
hi:
I recently read Ozzie Jurock's article in the Vancouver Sun. The
article was "how to make your mortgage tax deductible", and
metioned your url.
Would you mind say it is feasible to make my car financing loan
tax deductible?
I have almost 8000 in hand, first to put this money into stock
market for one month,then take out, then to borrow 8000 from bank
to put it into stock market again. in this case, there are 8000
cash in hand and 8000 in stock market. the interests on the
borrowing 8000 is tax deductible? would you say yes? I am still
little bit lost.
and is there any hits in your website?
thank you for your time
-----------------------------------------------------------------
---------------
david ingram replies:
This question was asked by a Canadian but I want to answer it for
Canadians and Americans because even Americans can only
deduct"mortgage" interest and have not been able to deduct
interest on credit cards, boat loans and other personal debt
since a phase out in 1986.
However, an American can deduct investment interest (subject to
limitations) on his schedule A and a Canadian can decuct
investment interest (with no limitations) on Schedule 4.
"AND" contrary to popular belief, a Canadian gets a BETTER
deduction for investment or mortgage interest than the American
does in EVERY CASE.
The reason is that for a couple to deduct their mortgage interest
in the states, they have to give up their standard deduction of
$7850.
The Canadian is a way ahead of the game because he or she gets to
deduct the loan interest on top of all other deductions AND there
is no limitation.
However, the American also gets to deduct property taxes which
the Canadian does not.
In this example. if the writer sells his shares and pays for the
car and then borrows money (using the car as security) to buy
shares, the interest is clearly deductible in BOTH countries.
Do you Yahoo!?
The New Yahoo! Search - Faster. Easier. Bingo.
---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.476 / Virus Database: 273 - Release Date: 4/24/03
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://lists.centa.com/mailman/private/centapede/attachments/3edba927/attachment.htm
---------------------- multipart/alternative attachment--
What's Related