Loc

[GreenTreeFrog]

I am setting a LOC on a property and have to pay something property related now. The LOC won't be available until next week.

If I pay out of personal finances, then refund myself out of the LOC, is the interest accrued still claimable?

Thanks!

 

[Rolf Latham]

The accts would probably say no, but im sure there is a way

ta
rolf

 

[Rob G.]

If I pay out of personal finances, then refund myself out of the LOC, is the interest accrued still claimable?

I am assuming you are not acting as a Trustee ...

The money borrowed to reimburse yourself will not normally be eligible for interest deductions - ever !!

You cannot make income from yourself nor claim interest on borrowings to reimburse yourself - the principle of mutuality.

Cheers,

Rob