Interest Deductibility - Reduce Your Income

If you're borrowing money for the purpose of earning income, don't forget that the interest you pay on the loan is tax-deductible. Examples of borrowing that would qualify include a margin account with a broker for buying stocks or mutual funds, or taking a mortgage to buy rental property. Your investment must have a reasonable expectation of profit, and you must establish a direct link between borrowing the money and using the funds to earn income. If you regularly borrow for both deductible and non-deductible purposes, keep the loans separate to avoid confusion over what interest is deductible, and try to pay off the non-deductible loans first.

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