Hi there,
If I used 10k from say a bank overdraft facility to pay for eg. an investment property stamp duty expense, and later on fully repaid that overdraft facility (which has a high interest rate on it) with funds from a LOC (with a lower interest rate) secured against another investment property, is the interest on the drawn LOC funds tax-deductible?
Thanks
If I used 10k from say a bank overdraft facility to pay for eg. an investment property stamp duty expense, and later on fully repaid that overdraft facility (which has a high interest rate on it) with funds from a LOC (with a lower interest rate) secured against another investment property, is the interest on the drawn LOC funds tax-deductible?
Thanks