newbie with a tax question - Posted by Steve

Posted by JHyre in Ohio on February 06, 2002 at 06:46:08:

I’d capitalize the interest to the house (add it to the house’s basis), which will reduce the sales price once it sells.

John Hyre

newbie with a tax question - Posted by Steve

Posted by Steve on February 04, 2002 at 19:07:21:

I bought a property in June 2001. It’s been on the market for almost 7 months now. I just received my statement showing the mortgage interest I have paid since I bought the property (amounts to about $4700). My question is, since the property has not sold, can I claim each month’s mortgage as a business loss? The property has been marketed extensively ( I have receipts and an expired contract with a realtor to prove it), if that makes any difference. I am just wondering if I can report each month as a business loss (on top of the mortgage interest deduction). Please excuse my lack of knowledge as this is my first year filing with real estate activity (or lack of :slight_smile:
Thank you