I have funds available to redraw from my home loan that I would like to invest in shares. Is the interest payable on the redrawn amount tax deductable (as would be the case if I were to take out a seperate loan to purchase the shares)?
The property related to the loan is my Principle Place of Residence.
If you are living in the US under most circumstances it would be.
Usually, on non-real estate investments, you will have a lot of leeway on what the money is used for but have your taxes done by a pro to make sure you do it correctly.
If you are living in the US under most circumstances it would be.
Usually, on non-real estate investments, you will have a lot of leeway on what the money is used for but have your taxes done by a pro to make sure you do it correctly.
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In the US, they tax forms are fairly nice.
Unless you are hitting a cap on deducting home mortgage interest, just deduct it. The difference is if you have to fill out the AMT form since you can’t deduct it there.
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