Hi All,
I'm planning to do a kitchen renovation for my IP. It's going to cost roughly $8000.
I'm planning to borrow this amount from my LOC (split account).
Is the interest from this LOC, can be considered as tax deduction (say for another 8-10 years)?
Also, I can also depreciate this new kitchen into my re-depreciation schedule?
Thanks.
I'm planning to do a kitchen renovation for my IP. It's going to cost roughly $8000.
I'm planning to borrow this amount from my LOC (split account).
Is the interest from this LOC, can be considered as tax deduction (say for another 8-10 years)?
Also, I can also depreciate this new kitchen into my re-depreciation schedule?
Thanks.