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madman
Joined: 01 Sep 2008
Posts: 2
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| Posted: Mon Sep 01, 2008 9:21 pm Post subject: Private Loan Interest |
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I am taking a loan from a private party for the purchase of a home. Standard amortization with a locked rate. Is the interest I pay on this loan tax deductible? If so what documentation do I need to substantiate it for the IRS.
Cool forum by the way, very informative. |
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madman
Joined: 01 Sep 2008
Posts: 2
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| Posted: Tue Sep 02, 2008 10:33 pm Post subject: |
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| Bump. Really, no thoughts on this? |
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m2c
Joined: 03 Aug 2005
Posts: 764
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| Posted: Tue Sep 02, 2008 10:56 pm Post subject: |
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Look at instructions for line 11 of schedule A and make sure you have needed data.
All LOs are cowards, so I add "consult your tax proffessional" |
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jtrenton
Joined: 12 Sep 2008
Posts: 10
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| Posted: Mon Sep 15, 2008 7:45 pm Post subject: |
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| The best thing to do is ask your accountant about that. |
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kevinpS
Joined: 11 Sep 2008
Posts: 7
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| Posted: Tue Sep 23, 2008 12:45 pm Post subject: Refinance Mortgage Loan |
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Hey..
No idea about this. |
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