I am purchasing an investment property and will use my primary residence as the security for the investment loan.
The loan will be for 100% of the purchase price plus purchase costs.
As I will only have access to the loan funds once the loan settles - if I use funds from my savings account for the initial deposit, can I reimburse my savings account from the loan funds and claim the total amount of interest as a tax deduction?
can I reimburse my savings account from the loan funds and claim the total amount of interest as a tax deduction?
No - purpose of extra loan is to add to your savings account.
Different answer if extra loan was to refinance a temp loan for deposit.
can I reimburse my savings account from the loan funds and claim the total amount of interest as a tax deduction?
No - purpose of extra loan is to add to your savings account.
Different answer if extra loan was to refinance a temp loan for deposit.
21 May 2026 · 4 min read time
15 Apr 2026 · 8 min read time
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