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18/04/21
09:52
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Originally posted by TraderRR:
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A credit card used to pay for shares is a “cash advance” you get charged interest from the day you do that and at a much higher interest rate. Its not a tax deduction. My strategy was different, i used the credit card to pay all my bills, food , etc and used the free cash flow i would have otherwise used- to buy shares. less risk, as you would have otherwise used that cash anyway from your existing cash flow. But now you get 12-18 months to pay it off. hopefully by then your capital growth is enough to pay off your credit card by then, you have held your shares for more than 12 months and pay 50% capital gains instead of 100%. Imo works better than a margin loan, except the benefits of tax deduction. have a good weekend traderrr
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thanks but please look at mine and @Plimsoll posts . we have discussed this and even gone even further to say there is no cases where the commissioner has allowed credit cards as a deduction . it's different from a loan but it's good people repeating what we say and not acknowledging