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Updated over 17 years ago,
Deducting interest from business line of credit
I recently bought a property for cash. I sourced some of the cash used for this deal form my business line of credit.
My business line of credit is NOT linked to my real estate business. The LOC is for another business I have which deals with cars.
Can I deduct the interest payments I have made to this LOC even though the LOC is linked to a clearly non RE business?
Thanks,