2007-12-26 16:27:09 · 8 answers · asked by StevefromVancouver 1 in Business & Finance ➔ Taxes ➔ Other - Taxes
Think about this question, I think you know the answer......NO
2007-12-26 16:31:28 · answer #1 · answered by divaterry1 3 · 1⤊ 2⤋
Interest on loans used for investments are deductible but are limited to the income from the investment claimed on your return. If you show no taxable income from the investment you can roll the interest paid over to future years and take it when you realize the income or gain on the investment.
2007-12-26 21:59:09 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Sort of. There is a form for investment interest expense, but a) you are limited to the net investment gain for the year and then b) it's an itemized deduction. Most people do not itemize. (USA taxes)
2007-12-26 17:10:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I suspect it depends which country you are in
In the UK you might be able to offset it against the capital gains tax when cashing the shares?
Check with the taxman
2007-12-27 09:10:30 · answer #4 · answered by Ian M 3 · 0⤊ 0⤋
i think the problem is admitting on paper that you used a bank loan to buy shares. what did you tell the bank the loan was for?
2007-12-26 16:30:08 · answer #5 · answered by Anonymous · 1⤊ 3⤋
Yes, the rich have been doing it for years.
2007-12-26 17:22:26 · answer #6 · answered by Robert Abuse 7 · 0⤊ 0⤋
no, and it is not a good idea to "invest" on the stock exchange with borrowed money, "they say", "use only what you can afford to lose", its a bit of a gambol really. if you do go ahead, good luck, and i hope it works for you.
2007-12-26 16:44:41 · answer #7 · answered by Anonymous · 2⤊ 1⤋
Not currently no.
2007-12-27 09:26:08 · answer #8 · answered by cOO 2 · 0⤊ 1⤋