Discussion:Investment Interest Deduction Questions
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| Revision as of 03:26, 1 February 2007 Nhouck (Talk | contribs) (I take it "banan) ← Previous diff |
Revision as of 03:30, 1 February 2007 Scot1 (Talk | contribs) (Check out Code ) Next diff → |
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| {{ForumReplyPost|UserID=Nhouck|Date=1 February 2007|Text=I take it "banana ball" means: no don't even try to do that?}} | {{ForumReplyPost|UserID=Nhouck|Date=1 February 2007|Text=I take it "banana ball" means: no don't even try to do that?}} | ||
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| + | {{ForumReplyPost|UserID=Scot1|Date=1 February 2007|Text=Check out Code §163 and the regulations thereunder. }} | ||
Revision as of 03:30, 1 February 2007
Discussion Forum Index --> Tax Questions --> Investment Interest Deduction Questions
| 1 February 2007 | |
| 1. If I take out a cash advance on a credit card as a loan to use for buying stock, can I deduct the interest paid as an investment interest expense?
2. Is any fee associated with the cash advance deductible as an investment fee? 3. What if I don't take a cash advance, but simply load up my credit cards with charges, and instead of paying them off, use the money to invest in stocks? Can the interest on the credit cards be claimed as investment interest? 4. What if I have 20,000 that I could use to pay of credit cards, but am instead using it to invest in stocks. If I have 30,000 of credit card debt that is accruing interest, can I say that 2/3 of that interest is an investment interest expense? If only 15,000 of the credit cards are currently charging interest can I claim all of that as investment interest and claim the other 15,000 is simply not being used for investing? | |
| 1 February 2007 | |
| I think you are looking for trouble. Only item 1. MAY qualify for investment interest expense. No way 3 or 4 would qualify. Not sure about 2. I don't even think the idea of loading up cc for stock is good idea. Pay the debt off then consider investing in stock. | |
| 1 February 2007 | |
| What if I get a new credit card, and transfer a balance to it from an existing card with a zero balance, effectively giving my existing card a negative balance of say, -$10,000. Then I request a refund check from the credit card company for the balance difference. Then I get the 10,000 and deposit it in my stock account and use the money for investing in stocks. Would any interest paid on the balance transfer be able to be claimed as investment interest, since the whole reason for doing this scenario was to get money to invest with? (this is what I have actually done by the way) | |
| 1 February 2007 | |
| I take it "banana ball" means: no don't even try to do that? | |
