Hi all,
We will need to use our LOC to pay for a few months of childcare.
I understand this will 'contaminate' the LOC, but we have no other choice at the moment except credit cards or selling some shares.
We will repay the money to the LOC a few months down the track.
How difficult is it for an accountant to apportion (is that the correct term here), the non-investment interest and the personal use interest when it comes tax time?
I am happy to pay a bit extra if that's what it takes.
Just need to know how serious an 'error' this may be.
Many thanks for your advice
We will need to use our LOC to pay for a few months of childcare.
I understand this will 'contaminate' the LOC, but we have no other choice at the moment except credit cards or selling some shares.
We will repay the money to the LOC a few months down the track.
How difficult is it for an accountant to apportion (is that the correct term here), the non-investment interest and the personal use interest when it comes tax time?
I am happy to pay a bit extra if that's what it takes.
Just need to know how serious an 'error' this may be.
Many thanks for your advice