| reformedbanker - 1/27/2024 06:30
Only in my capacity as the banker of a customer being audited... the IRS would just need to see the interest payment on the LOC. The IRS doesn't care a bit if you leverage your business to fund lifestyle. It is business collateral and business debt.
Why is this upsetting you?
Edit: also, my advise above was pay down debt is a strong risk free return to OP's question
Business collateral and business debt? Not a chance if the advances on loc are used for lifestyle toys, vacations and ira contributions.
So I can leverage any farm asset to buy toys and deduct it? |
Save on operating interest or invest in mutual funds?
