Hi,
I have a LoC that I intend to draw on for a deposit on an investment property. However, I also need funds to undertake a renovation to the IP.
I intend to claim the interest on the LoC in my tax return as the purpose is investing.
If I were to use the LoC for the reno as well, can I claim the interest for that portion or would these funds be considered "private" use?
Any advice on the best way to fund a Reno to maximise tax benefit is appreciated.
I have a LoC that I intend to draw on for a deposit on an investment property. However, I also need funds to undertake a renovation to the IP.
I intend to claim the interest on the LoC in my tax return as the purpose is investing.
If I were to use the LoC for the reno as well, can I claim the interest for that portion or would these funds be considered "private" use?
Any advice on the best way to fund a Reno to maximise tax benefit is appreciated.
Financing a renovation to IP
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