Hi comrades,
I have paid off my principal place of residence home loan. I want to know if I take out equity and use it to invest in the stock market, am I able to claim the interest charges during tax time?
I.e take out $100,000 loan against my PPOR, invest it in the stock market and claim the 6% interests charges during tax time.
Two issues - the loan itself and the purpose of the loan.
If the purpose of the loan is for income generating investment purposes then the interest paid is deductible