Hi
I have the mis fortune at the moment of 2 properties being empty.
They are eating into my cashflow big time .
Fortunatly I have a reasonably large line of credit available which i will obviously have to use in the near future.
My question is Can I use the line of credit to payoff bills like council rates and depreciation reports and still claim the interest as a tax deduction?
Obviously using money from the line of credit to make the monthly mortgage payments on another line of credit ain't the best way to do things. But I hope this to be a very short term remedy for the situation.
Question. Interest accrued on the above method would not be tax deductible am i right?
I guess i would have to treat it like a personal loan to myself.
Thanks for your guidance in advance
I have the mis fortune at the moment of 2 properties being empty.
They are eating into my cashflow big time .
Fortunatly I have a reasonably large line of credit available which i will obviously have to use in the near future.
My question is Can I use the line of credit to payoff bills like council rates and depreciation reports and still claim the interest as a tax deduction?
Obviously using money from the line of credit to make the monthly mortgage payments on another line of credit ain't the best way to do things. But I hope this to be a very short term remedy for the situation.
Question. Interest accrued on the above method would not be tax deductible am i right?
I guess i would have to treat it like a personal loan to myself.
Thanks for your guidance in advance