Borrowed money for legal and accounting advise to ...
New Member

Borrowed money for legal and accounting advise to start two companies. What can I personally claim?

In the spring of 2014 I borrowed $3,000 and paid $2,000 to a lawyer and $1,000 to an accountant to set up 2 numbered companies and a family trust. (Numbers for demonstration purposes only). Neither company or family trust paid me anything, and are sitting idle. Am I able to claim the $3,000 as an expense on my personal tax? If so, where? What about the interest that I've paid on the money borrowed?

This widget could not be displayed.