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QUESTION:
Hello David,
I was listening to your radio show last Sunday. You and Fred were saying
that peoples' first goal should be to make all their debts tax =
deductible.
I am looking to purchase a new car for my fiancee. I would need to get a
car loan with zero down because we just purchased a new house and are =
also
paying for a wedding so money is really tight right now. My fiancee's =
car
is on its last legs so we would like to get one in the next little =
while.
How would I make this car loan tax deductible? Is it even possible in my
case with my current situation?
- Both of us work for corporations. We don't have our own businesses.
- We don't have any money to put down on the car
- All of the investments that we have are in our RRSPs
- I am 26 years old, she is 30 years old
PS: I'm making my mortgage tax deductible!
Thx for the help!
XXXXXX.
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david ingram replies:
If you are already working at making your mortgage deductible, you are =
on the right track.
But it sounds like you are in a bind as far as the car loan goes.
Sometimes, time works against us. My present divorce, for instance, =
means that at age 61, the mortgage on the house I am living in is not =
deductible for the first time in 30 years. =20
That fact alone is wasting more than $1,000 a month in tax dollars =
because it could have been 100% deductible by now.=20
You can find more ideas by reading the November 2001 Newsletter at =
www.centa.com
Just remember=20
A good friend will come and bail you out of jail...but, a true friend =
will be sitting next to you saying, "Damn...that was fun!"=20
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Answers to this and other similar questions can be obtained free on Air =
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier =
Partners and I will be hosting an INFOMERCIAL but LIVE talk show called =
"ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the =
internet at
www.600AM.com=20
Local phone calls to (604) 280-0600 - Long distance calls to =
1-866-778-0600.=20
Old shows are archived at the site.
This from ask an income tax immigration planning and bankruptcy expert =
consultant guru or preparer from www.centa.com or www.jurock.com or =
www.featureweb.com. Canadian David Ingram deals daily with tax returns =
dealing with expatriate:
multi jurisdictional cross and trans border expatriate gambling refunds =
for the United States, Canada, Mexico, Great Britain, the United =
Kingdom, Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, =
Indonesia, Egypt, Antarctica, Japan, China, New Zealand, France, =
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Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, =
Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, =
US, UK, GB, American and Canadian and Mexican and any of the 43 states =
with state tax returns, etc.
income tax wizard wizzard guru advisor advisors experts specialist =
specialists consultants taxmen taxman tax woman planner planning =
preparer of Alaska, Alabama, Arkansas, Arizona,=20
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Indiana Des Moines Iowa Kansas Kentucky,=20
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Pennsylvania, Rhode Island, Rockwall,=20
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Nova Scotia, Newfoundland, Yukon and=20
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and Dallas Houston Rockwall Garland=20
Texas Taxman and Tax Guru and wizzard=20
wizard - David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321=20
[email protected]
www.centa.com www.david-ingram.com
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 & =
the author and any and all non-contractual duties are expressly denied. =
All readers should obtain formal advice from a competent financial, or =
real estate planner or advisor & appropriately qualified legal =
practitioner, tax or immigration specialist in connection with personal =
or business affairs such as at www.centa.com. If you forward this =
message, this disclaimer must be included."
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