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From: Jef .
Background:
1. Own Home. Paid off
2. Taxi plate. Produce 7% income but banks do not want to use as security.
3. Loan 200K on home for Taxi plate.
4. I am in the process of buying a new Townhouse to live in.
Questions:
If I sell my old house, I will have enough to pay off the new house except for the 200K borrowed for the taxi. Can I transfer this loan to the new house and still claim tax on the
interest?
Background:
1. Own Home. Paid off
2. Taxi plate. Produce 7% income but banks do not want to use as security.
3. Loan 200K on home for Taxi plate.
4. I am in the process of buying a new Townhouse to live in.
Questions:
If I sell my old house, I will have enough to pay off the new house except for the 200K borrowed for the taxi. Can I transfer this loan to the new house and still claim tax on the
interest?
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