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

Trackback

Trackback URL for this entry: http://www.centa.com/trackback.php/UsCa2003July000174.html

No trackback comments for this entry.

0 comments