If personal assets, such as a personal residence or a car, were used as collateral for loans

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If personal assets, such as a personal residence or a car, were used as collateral for loans used for investment purposes, the interest on the loan would not be tax deductible. Discuss?

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jan 02, 2024 04:53 AM

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If personal assets, such as a personal residence or a car, were used as collateral for loans

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The deductibility of interest on loans used for investment purposes can be complex and depends on various factors including the specific use of the bo... View the full answer

Income Tax Fundamentals 2013

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