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Refinancing loan interest may be deductible to a partnership
Posted by Team AVS on 21 Apr, 2021 0 CommentsA general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
Tax law also provides for the notion of a “tax law partnership” – which occurs when individuals are in receipt of income jointly
When you sell or otherwise dispose of real estate, the time of the event (when you make a capital gain or loss) is usually when one of the following occurs:
You enter into the contract (the date on the contract), not when you settle. The fact that a contract is subject to a condition, such as finance approval, generally doesn't affect this date.
The change of ownership occurs if there is no contract – such as when a property passes to a b
You enter into the contract (the date on the contract), not when you settle. The fact that a contract is subject to a condition, such as finance approval, generally doesn't affect this date.
The change of ownership occurs if there is no contract – such as when a property passes to a b
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