Yes, you definitely can treat the interest as investment interest. However, you can only deduct investment interest to the extent of your investment income (interest, dividends and what proportion of your capital gains you want to include - but then those cap gains don't get the 20% cap gain rate, but are thrown in to the rest of the ordinary income and taxed at a higher rate). If your investment interest exceeds your investment income you can carry it over to future years and hopefully get the benefit there. So, bottom line, it pays to look at what your investment income is to make sure you can get a deduction.
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