2min chapter

Dev Raga Personal Finance cover image

227 tax time Q&A with an accountant

Dev Raga Personal Finance

CHAPTER

Can You Claim a Deduction for Interest on Borrowing Money to Pay Off Tax Debt?

Andrick: I've heard this strategy where they can actually go borrow money and use the borrowed money to pay off the at o debt or 80 o tax. Is that possible? And is that a real, really smart way of using someone else's money to paid off debt? He says generally you can claim a deduction for interest expenses but if you are to borrow money to pay your outstanding tax liabilities, unfortunately, you can't claim interest. So what about business tax det essentially the same word would apply there; it wouldn't be because it would be private in nature. For all listeners, just try not to have at o debt. The last thing you want is a the ety on

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