</a JR Holmes Oil Company </a Shark Guard Southeast Woods and Whitetail Mayer Insurance Services LLC
Aldeer Classifieds
WTB
by Okalona. 03/28/24 07:44 AM
Iso ruger american ranch
by AustinC. 03/27/24 08:20 PM
Ruger M77 6mm heavy barrel with Nikon Monarch
by bradbathome. 03/27/24 04:42 PM
Carpet Installation Equipment
by hunter84. 03/27/24 07:12 AM
$20013hp all-power side shaft generator motor
by HollerHunter. 03/26/24 07:43 PM
Serious Deer Talk
The Hollywood Buck.
by top cat. 03/28/24 08:23 AM
For the Don’t Shoot Does Crowd
by Mbrock. 03/27/24 07:53 PM
High Fencing
by RareBreed. 03/26/24 10:45 PM
Who's got the best deer hunting in AL
by TensawRiver. 03/26/24 01:26 PM
What makes you happy?
by Fishduck. 03/26/24 10:25 AM
March
S M T W T F S
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31
Land, Leases, Hunting Clubs
West Jefferson County hunting club
by Jmfire722. 03/18/24 08:36 AM
Western Ky farm
by todd w. 03/15/24 01:23 PM
Information on bibb county hunting club
by quickshot. 03/10/24 01:46 PM
Hunting Club
by Hibby. 03/08/24 04:34 PM
Mississippi club
by Gobl4me. 03/07/24 09:55 PM
Who's Online Now
133 registered members (Gunpowder, Big AL 76, desertdog, rblaker, odocoileus, doublefistful, Zzzfog, St. Clair FF, sj22, brushwhacker, Big Al, slim68, Backwards cowboy, KHOOKS, BamaBoHunter, johnv, Fishduck, AustinC, deadeye48, Livintohunt19, rutwad, oldbowhunter, HBWALKER14, Shack84, 7PTSPREAD, bamaeyedoc, NVM1031, Atoler, dirkdaddy, headshot1, Gut Pile 32, fillmore, jake5050, UA Hunter, abamadude, coldtrail, headshot, thayerp81, Ant67, Tailwalk7, Hunter454, booner, buzzard, toothdoc, AL18, MAG, buck_buster, lefthorn, hunterturf, jwalker77, HawkPilot, MadMallard, Mulcher, Solothurn, MikeP, Bjoff27, PossumPecker, bamamed1, hallb, Poplar_Springs, Redman3, Autseed, HHSyelper, RockFarmer, Okalona, trlrdrdave, BhamFred, chill, Paint Rock 00, k bush, deerchop, Ryano, Shaneomac2, BREEZE1, Kevinpmac, WEMOhunter, Lockjaw, robinhedd, Turkey, mossyback, Reptar, BrentsFX4, J_K, hippi, WDE, Ron A., rockhunter, BurningBright, dsmc, 3Gs, donia, Paxamus, Dubie, outdoorguy88, Thisldu, Dragfan66, Uncle10point, auman, CCC, Showout, Downwind, sawdust, CAL, JDW25, Tree Dweller, G/H, Jweeks, Gobble4me757, JoeB23, RebFormanUDA, Turkey_neck, Lil_Fella, kodiak06, curt99rsv, murf205, AUjerbear, Whild_Bill, burbank, clayk, Skillet, wareagle22, globe, 11 invisible), 540 guests, and 0 spiders.
Key: Admin, Global Mod, Mod
Previous Thread
Next Thread
Print Thread
Property loan interest question #1715089
04/13/16 09:39 AM
04/13/16 09:39 AM
Joined: Dec 2004
Posts: 18,758
.
F
ford150man Offline OP
Old Mossy Horns
ford150man  Offline OP
Old Mossy Horns
F
Joined: Dec 2004
Posts: 18,758
.
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
Re: Property loan interest question [Re: ford150man] #1715101
04/13/16 09:58 AM
04/13/16 09:58 AM
Joined: Dec 2001
Posts: 13,839
AL
H
hunterbuck Offline
Booner
hunterbuck  Offline
Booner
H
Joined: Dec 2001
Posts: 13,839
AL
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?
Re: Property loan interest question [Re: ford150man] #1715108
04/13/16 10:07 AM
04/13/16 10:07 AM
Joined: Feb 2013
Posts: 1,184
Milton, FL
P
pcola4 Offline
6 point
pcola4  Offline
6 point
P
Joined: Feb 2013
Posts: 1,184
Milton, FL
If it's an investment property you might.

Re: Property loan interest question [Re: ford150man] #1715113
04/13/16 10:14 AM
04/13/16 10:14 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
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.

Re: Property loan interest question [Re: Remington270] #1715124
04/13/16 10:37 AM
04/13/16 10:37 AM
Joined: Dec 2004
Posts: 18,758
.
F
ford150man Offline OP
Old Mossy Horns
ford150man  Offline OP
Old Mossy Horns
F
Joined: Dec 2004
Posts: 18,758
.

Originally Posted By: Remington270
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. grin


If voting made any difference, they wouldn’t let us do it.-Mark Twain
Re: Property loan interest question [Re: ford150man] #1715126
04/13/16 10:40 AM
04/13/16 10:40 AM
Joined: Jan 2013
Posts: 2,945
North Alabama
Fullthrottle Offline
10 point
Fullthrottle  Offline
10 point
Joined: Jan 2013
Posts: 2,945
North Alabama
Do you file farm on your taxes

Re: Property loan interest question [Re: ford150man] #1715128
04/13/16 10:43 AM
04/13/16 10:43 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted By: ford150man

Originally Posted By: Remington270
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. grin


Me Too!

Re: Property loan interest question [Re: ford150man] #1715172
04/13/16 11:30 AM
04/13/16 11:30 AM
Joined: Feb 2008
Posts: 15,504
Montgomery
bamaeyedoc Online content
Old Mossy Horns
bamaeyedoc  Online Content
Old Mossy Horns
Joined: Feb 2008
Posts: 15,504
Montgomery
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



Re: Property loan interest question [Re: bamaeyedoc] #1715702
04/14/16 04:29 AM
04/14/16 04:29 AM
Joined: Jun 2004
Posts: 8,377
Gulfcrest
bigt Offline
14 point
bigt  Offline
14 point
Joined: Jun 2004
Posts: 8,377
Gulfcrest
Originally Posted By: bamaeyedoc
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


Life is too short to be small !!

http://crshuntingclub.webs.com/
Re: Property loan interest question [Re: bigt] #1715716
04/14/16 04:45 AM
04/14/16 04:45 AM
Joined: Nov 2011
Posts: 21,751
USA
R
Remington270 Offline
Freak of Nature
Remington270  Offline
Freak of Nature
R
Joined: Nov 2011
Posts: 21,751
USA
Originally Posted By: bigt
Originally Posted By: bamaeyedoc
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.

Re: Property loan interest question [Re: Remington270] #1715722
04/14/16 04:50 AM
04/14/16 04:50 AM
Joined: Jun 2004
Posts: 8,377
Gulfcrest
bigt Offline
14 point
bigt  Offline
14 point
Joined: Jun 2004
Posts: 8,377
Gulfcrest
Originally Posted By: Remington270
Originally Posted By: bigt
Originally Posted By: bamaeyedoc
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.....


Life is too short to be small !!

http://crshuntingclub.webs.com/
Re: Property loan interest question [Re: ford150man] #1715729
04/14/16 05:00 AM
04/14/16 05:00 AM
Joined: Jan 2013
Posts: 229
Baldwin County
A
AlaMiss Offline
4 point
AlaMiss  Offline
4 point
A
Joined: Jan 2013
Posts: 229
Baldwin County
If you have investment income (interest income, dividend income, capital gains) then yes- you can offset investment income with investment interest expense.

If you do not have any investment income then try and keep track of it and file it in your taxes as investment interest expense.....it will carryover from year to year. If you sell the land in the future you can use this unused investment interest expense to help offset any gain from sale of the land.

Re: Property loan interest question [Re: ford150man] #1715816
04/14/16 06:39 AM
04/14/16 06:39 AM
Joined: Nov 2009
Posts: 2,521
Birmingham, Al
A
akbejeepin Offline
10 point
akbejeepin  Offline
10 point
A
Joined: Nov 2009
Posts: 2,521
Birmingham, Al
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

Re: Property loan interest question [Re: AlaMiss] #1716041
04/14/16 11:14 AM
04/14/16 11:14 AM
Joined: Sep 2006
Posts: 2,685
West Florida
westflgator Offline
10 point
westflgator  Offline
10 point
Joined: Sep 2006
Posts: 2,685
West Florida
Originally Posted By: AlaMiss
If you have investment income (interest income, dividend income, capital gains) then yes- you can offset investment income with investment interest expense.

If you do not have any investment income then try and keep track of it and file it in your taxes as investment interest expense.....it will carryover from year to year. If you sell the land in the future you can use this unused investment interest expense to help offset any gain from sale of the land.

thumbup

Re: Property loan interest question [Re: ford150man] #1716049
04/14/16 11:19 AM
04/14/16 11:19 AM
Joined: Aug 2013
Posts: 3,236
louisiana
D
deerman24 Offline
10 point
deerman24  Offline
10 point
D
Joined: Aug 2013
Posts: 3,236
louisiana
nope


Aldeer.com Copyright 2001-2023 Aldeer LLP.
Powered by UBB.threads™ PHP Forum Software 7.6.1.1
(Release build 20180111)
Page Time: 0.099s Queries: 14 (0.034s) Memory: 3.2132 MB (Peak: 3.5021 MB) Zlib disabled. Server Time: 2024-03-28 14:26:50 UTC