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From: grant@eosp1.UUCP (Rich Grant)
Newsgroups: net.invest
Subject: Re: Interesting IRA Idea
Message-ID: <1098@eosp1.UUCP>
Date: Thu, 6-Sep-84 17:45:39 EDT
Article-I.D.: eosp1.1098
Posted: Thu Sep  6 17:45:39 1984
Date-Received: Wed, 12-Sep-84 01:32:45 EDT
References: <1031@ucla-cs.ARPA>, <191@iwu1a.UUCP>, <346@hou2f.UUCP>
Organization: Exxon Office Systems, Princeton, NJ
Lines: 12

There needs to be a distinction between the legality of borrowing
to finance an IRA, and the legality of taking a tax deduction for
the interest paid on such a loan.  As I remember, the instructions
with the tax form explicitly stated that interest on a loan used
to fund a tax free investment can not be deducted.  This would seem
to include an IRA, not to mention "All-Savers", municipal bonds, etc.

I always wondered how they decided for what the money was borrowed.
"I suppose I really wouldn't have needed that $2000 loan to remodel
the kitchen if I hadn't put $2000 into the IRA this year."

			Rich