Can a client claim the loan interest as a taxable expense when the loan was used to buy out the other partners (2 of them) from their initial investment?
Thanks
Loan interest
3 posts • Page 1 of 1
Loan interest
by bunnysnap on Thu Sep 09, 2010 3:59 pm
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Re: Loan interest
by pawncob on Thu Sep 09, 2010 4:32 pm
Interest on a loan to purchase a share of a business is tax deductible.
With a pinch of salt take what I say, but don't exceed your RDA
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Re: Loan interest
by section 44 on Tue Sep 14, 2010 4:52 pm
Generally yes (although there are some restrictions).
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3 posts • Page 1 of 1
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