Would you deduct interest on land in use for the sole purpose of a SE person to park his equipment. He plans also to build a shop there but has not as yet. Lots of equipment - no other use for the land. Would you deduct it on Sch C?
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JG -
He has to park his equipment somewhere, so if he rented a place to park it, you would enter the rental expense on schedule C. I don't see why this would not be the same, so that is what I would do, enter the interest on sched. c.
It is obviously necessary and I would think an ordinary expense for someone with this type of business.
LTOnly in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut". -
I would. I have a trucker who bought the lot next door for the sole purpose of parking his semi when he's home and I do deduct the interest on schedule C.Comment
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Truck parking
And I have a client that parks his truck on a lot next to his home. He has a security light and I deduct the utility expense for that. He also has to keep the grass and weeds cut, city ordinance, and he hires someone to do that. That is also deducted.Jiggers, EAComment
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Thanks guys. Much appreciated.JGComment
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Hmmm...
That was an interesting questionBurton M. Koss
koss@usakoss.net
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The map is not the territory...
and the instruction book is not the process.Comment
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