Is credit card interest tax deductible if you put the money on the credit card towards investments?
tc61380 asked:
For example, if I used a cash advance to
1. buy stocks,
2. invest in bonds/fixed income assets
3. “refi” my personal mortgage
4. buy investment property
For example, if I used a cash advance to
1. buy stocks,
2. invest in bonds/fixed income assets
3. “refi” my personal mortgage
4. buy investment property
or any other situations where credit card interest is tax deductible?
Thanks for all you responses. Just to clarify -
Say I borrow $100 from my credit card at 10%.
I owe $110 at the end of the year.
I put this same $100 into a stock (or some other investment). It goes to $120 and I sell, gaining $20.
1. Do I have to pay taxes on $20, or $10 ($20 gain minus $10 interest)?
2. If I didn’t sell, can I deduct the $10 interest against my other income?
larry m asked:
With the stock market and real estate markets being so much in the skids where are people putting their money? What about buying and reselling?
With the stock market and real estate markets being so much in the skids where are people putting their money? What about buying and reselling?
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<h2 class="posttitle"><a href="http://tu-online.com/394/are-there-any-safe-investments-in-this-economy-where-one-can-get-7-or-8-percent-return/" rel="bookmark" title="Permanent Link to Are there any safe investments in this economy where one can get 7 or 8 percent return?">Are there any safe investments in this economy where one can get 7 or 8 percent return?</a></h2>
<div class="postmetadata">June 10, 2009, 2:13 pm <!-- by Sam --></div>
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