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    Interest question.

    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?
    JG

    #2
    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.

    LT
    Only 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".

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      #3
      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.
      http://www.viagrabelgiquefr.com/

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        #4
        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, EA

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          #5
          Thanks guys. Much appreciated.
          JG

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            #6
            Hmmm...

            That was an interesting question
            Burton M. Koss
            koss@usakoss.net

            ____________________________________
            The map is not the territory...
            and the instruction book is not the process.

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