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ISO
by Big Game Hunter. 06/04/24 09:19 PM
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Iso
by AustinC. 05/21/24 05:01 PM
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Property loan interest question
#1715089
04/13/16 09:39 AM
04/13/16 09:39 AM
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Joined: Dec 2004
Posts: 18,911 .
ford150man
OP
Old Mossy Horns
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OP
Old Mossy Horns
Joined: Dec 2004
Posts: 18,911
.
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Is interest on a property loan tax deductible? (5 acres, no house or anything)
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Re: Property loan interest question
[Re: ford150man]
#1715101
04/13/16 09:58 AM
04/13/16 09:58 AM
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Joined: Dec 2001
Posts: 13,929 AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,929
AL
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Don't think so. I think it's considered a personal loan, since it's not securing the debt on your home. Therefore, the interest is not deductible.
Of course, consult your tax guy, but I'm pretty sure that's what he's going to tell you.
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: Property loan interest question
[Re: Remington270]
#1715124
04/13/16 10:37 AM
04/13/16 10:37 AM
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Joined: Dec 2004
Posts: 18,911 .
ford150man
OP
Old Mossy Horns
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OP
Old Mossy Horns
Joined: Dec 2004
Posts: 18,911
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I wonder if you could take out a home equity line of credit, then I believe it would be tax deductible. I wouldn't recommend it, though, because then your house is on the hook. Yeah, it's not worth that. I'm a low risk kind of guy.
If voting made any difference, they wouldn’t let us do it.-Mark Twain
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Re: Property loan interest question
[Re: ford150man]
#1715128
04/13/16 10:43 AM
04/13/16 10:43 AM
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Joined: Nov 2011
Posts: 21,810 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,810
USA
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I wonder if you could take out a home equity line of credit, then I believe it would be tax deductible. I wouldn't recommend it, though, because then your house is on the hook. Yeah, it's not worth that. I'm a low risk kind of guy. Me Too!
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Re: Property loan interest question
[Re: ford150man]
#1715172
04/13/16 11:30 AM
04/13/16 11:30 AM
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Joined: Feb 2008
Posts: 15,837 Montgomery
bamaeyedoc
Old Mossy Horns
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Old Mossy Horns
Joined: Feb 2008
Posts: 15,837
Montgomery
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no. I tried every way I could but unless you put some cows on it or do something agricultural, it won't fly. That is if you have an honest CPA.
Dr. B
AKA: “Dr. B” Aldeer #121 8-3-2000 Proud alum of AUM, UAB, and UA Member of Team 10 Point 2023-2024 ALdeer Deer Contest Winners
Glennis Jerome "Jerry" Harris 1938-2017 UGA Class of 1960 BS/MS Forestry LTJG, USNR
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Re: Property loan interest question
[Re: bamaeyedoc]
#1715702
04/14/16 04:29 AM
04/14/16 04:29 AM
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Joined: Jun 2004
Posts: 8,377 Gulfcrest
bigt
14 point
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14 point
Joined: Jun 2004
Posts: 8,377
Gulfcrest
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no. I tried every way I could but unless you put some cows on it or do something agricultural, it won't fly. That is if you have an honest CPA.
Dr. B Buy a goat and claim it as a goat farm lol
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Re: Property loan interest question
[Re: bigt]
#1715716
04/14/16 04:45 AM
04/14/16 04:45 AM
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Joined: Nov 2011
Posts: 21,810 USA
Remington270
Freak of Nature
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Freak of Nature
Joined: Nov 2011
Posts: 21,810
USA
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no. I tried every way I could but unless you put some cows on it or do something agricultural, it won't fly. That is if you have an honest CPA.
Dr. B Buy a goat and claim it as a goat farm lol I know you're kidding, but this comes up in here all the time, and it is not legal. You will get audited and you will lose.
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Re: Property loan interest question
[Re: Remington270]
#1715722
04/14/16 04:50 AM
04/14/16 04:50 AM
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Joined: Jun 2004
Posts: 8,377 Gulfcrest
bigt
14 point
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14 point
Joined: Jun 2004
Posts: 8,377
Gulfcrest
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no. I tried every way I could but unless you put some cows on it or do something agricultural, it won't fly. That is if you have an honest CPA.
Dr. B Buy a goat and claim it as a goat farm lol I know you're kidding, but this comes up in here all the time, and it is not legal. You will get audited and you will lose. Yeah I was definitely kidding.....
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Re: Property loan interest question
[Re: ford150man]
#1715816
04/14/16 06:39 AM
04/14/16 06:39 AM
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Joined: Nov 2009
Posts: 2,540 Birmingham, Al
akbejeepin
10 point
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10 point
Joined: Nov 2009
Posts: 2,540
Birmingham, Al
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If you cant deduct the interest yearly on your taxes, you would think it would offset some of the capital gains if money is made on the sale. If not, that is stupid. The interest on the investment is increasing your basis in the property just like any improvement I would definitely check with an accountant or just call the IRS. My first thought was yes until some other folks said you couldn't. Go here and read the section on Interest Expenses and the sections that follow. Very briefly looking at it sounds like you can, but I would ask the folks who know for sure. https://www.irs.gov/publications/p550/ch03.html#en_US_2015_publink100010207
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