zenParticipant@zen007Join Date: 2016Post Count: 46
Hi PI Team! Hope you all are well.
Question, can an investor (me) use his line of credit on from his first investment property to finance his holiday in december? Or will this affect the investors tax? Or should the investor simply go for a personal loan for the holiday?
Thank you in advance for your comments.
zen :)Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
Or save up and pay cash for the holiday!
If you draw from a line of credit which is also used for investment uses – the purpose of funds will be polluted and cause a nightmare for your accountant to work out from a tax perspective.
If you have to borrow for the holiday – it’s best this is from a separate line of credit/loan account used solely for this purpose.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,173
You must be logged in to reply to this topic.