All Topics / Help Needed! / Interest on Interest Tax Deductible?

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  • Profile photo of NoviceMNoviceM
    Member
    @novicem
    Join Date: 2003
    Post Count: 17
    August 12, 2005 - 3:52 am

    Hi all,

    1) If a dedicated LOC (for IP purposes) is used to pay the IP monthly loan repayments (IO) just like what the Spencers are doing (API Aug issue page 51), is the interest on LOC also tax deductible?

    2) All IP expenses paid through CC with frequent flyer points/55-day int free period. All balances paid on or before the due date using the dedicated-IP LOC. Will the interest on LOC be tax deductible?

    Your comments will be greatly appreciated.

    Regards,
    Maria

    Profile photo of shake-the-diseaseshake-the-disease
    Member
    @shake-the-disease
    Join Date: 2005
    Post Count: 97
    August 12, 2005 - 4:05 am

    OK, I’m consulting my crystal ball and I can see you are going to get conflicting advice from this forum for both your questions.

    One of the problems of posting questions like this on a public forum is that for us, the posters replying to your question, it’s all care and no responsibility. You need to take your questions to the person whose opinion matters, you accountant.

    FWIW my answers are: YES and YES.

Viewing 2 posts - 1 through 2 (of 2 total)

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