POSTED BY April 5, 2013 1:13 pm ONE COMMENTON
I settled a 4 year old bank loan plus interest accrued in February 2013. I have bank deposits interest income as well. Can I set off accrued bank loan int.expense from my bank interest income in my tax returns? Since my loan int exceeds int.income for the year can the balance of loan exp carried over to future years ?
thanks and regards