I've spoken with my accountant regarding possible set-up of a LOC account.
Some for personal, majority for investing. But they cannot give me any more of an idea as to the ins n outs as I already know.
As to not get the amounts mixed up, and without creating two accounts (headache and costs involved) how should I set up an account if I wish to withdraw this equity?
I would use it only when needed or wanted and leave it offsetting the loan balance. Would not contaminate it with my own funds for tax perspective.
Is it o.k to use some funds for non deductible and some for deductible stuff so long as its recorded well in your paper work and transaction history/labelling?
Would it be best to top up an existing loan, or create a new loan for this purpose?
How would/do you do it?
Some for personal, majority for investing. But they cannot give me any more of an idea as to the ins n outs as I already know.
As to not get the amounts mixed up, and without creating two accounts (headache and costs involved) how should I set up an account if I wish to withdraw this equity?
I would use it only when needed or wanted and leave it offsetting the loan balance. Would not contaminate it with my own funds for tax perspective.
Is it o.k to use some funds for non deductible and some for deductible stuff so long as its recorded well in your paper work and transaction history/labelling?
Would it be best to top up an existing loan, or create a new loan for this purpose?
How would/do you do it?