Q: Hi,
I have a line of credit that I borrowed for investing.But prior to that I used it once for personal use.After the funds borrowed were paid, a month later I used it all for investing in a non registered acct.
My question is, can I claim a tax deduction on the interest expense on that money borrowed.I read articles that you can only deduct only if the account was only used for investment purposes.
I know you are not tax experts but your valued opinion is greatly appreciated.
Thanks.
I have a line of credit that I borrowed for investing.But prior to that I used it once for personal use.After the funds borrowed were paid, a month later I used it all for investing in a non registered acct.
My question is, can I claim a tax deduction on the interest expense on that money borrowed.I read articles that you can only deduct only if the account was only used for investment purposes.
I know you are not tax experts but your valued opinion is greatly appreciated.
Thanks.