Question

Bridge loan and ccrc

Forum|Forum|2 years ago
January 7, 2024
2 replies
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Bought into a Ccrc in 2023 using a bridge loan which they paid the interest on. Will pay off the bridge loan in 2024. Can I still use for tax purpose?

A

Anonymous_

Employee

https://rw-c.org/tax-deductions/?gad_source=1&gclid=EAIaIQobChMIj5Wmr-3LgwMVEC7UAR0_3g3cEAAYAiAAEgIS9fD_BwE

DaveF1006

To clarify, did you pay the interest in 2023? You mention the word "they", which indicates you didn't pay it. if this is the case, then you cannot claim the interest paid on the loan since you did not pay it.

If you personally paid interest in 2023, you may claim it as interest paid.

@Bob2023tax

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