The holidays are officially here, and in the seasonal spirit of
giving, I've prepared some quick and easy deductions to help
cut your tax bill.
In addition to well-known tax-saving tips, I'll also serve
up a few lesser-known year-end strategies that will benefit
higher-net-worth investors, business- people, and executives.
Claim Interest on Disappearing Investments
If you have borrowed money for an investment (or even a
business) that you may have sold for a loss, you're not likely
to be too happy about the fact that you are still paying interest.
Well, it's just possible that this interest may still be
deductible.
There are two (unhappy) exceptions to this, however:
- In the event you have managed to salvage some proceeds and the
money is put to personal use rather than re- invested, the portion
of your continuing interest charges relating to the personal-use
investment won't be deductible.
