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Interest on Land Contract, Tax Deductible?

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    #1

    Interest on Land Contract, Tax Deductible?

    Taxpayer purchased the vacant lot next to their personal residence on land contract. They do not intend to build on it. Is the land contract interest tax deductible on Schedule A?
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    #2
    Yes as investment interest expense, if they have investment income equal to or in excess of the deduction.

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      #3
      inv int

      Any interest that they cannot deduct this year will carry forward to future years.
      I would put a favorite quote in here, but it would get me banned from the board.

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