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Updated about 6 years ago on . Most recent reply

Kevin Auyong's profile image
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Kevin Auyong
  • from Marietta, Ga
  • Member since Nov 17, 2013
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Kevin Auyong
  • Marietta, Ga
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Tax, SDIRAs & Cost Segregation

write off loan against car to buy rental?

Kevin Auyong
  • Marietta, Ga
Posted

I am looking to buy a rental house all cash. Purchase price to be between 20 to 30K inc repairs.

To fund this I am refinancing a car I own free and clear now for $30K.

Is there any way I can write the loan off?

If so what steps must I do to qualify?

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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
Replied

@Kevin Auyong

Generally speaking yes, it would be tax deductible.  Under the interest tracing regs, you look to what the loan disbursements were used for to determine deductiblity.

Good conversation to have with your tax CPA/EA.

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