Interest on Land Contract, Tax Deductible?

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  • Unregistered
    #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?
    Tags: None
    • OldJack
      Banned
      • Dec 2005
      • 1689
      #2
      Yes as investment interest expense, if they have investment income equal to or in excess of the deduction.

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        • Matt Sova
          Senior Member
          • Jun 2005
          • 645
          #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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