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
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
Thank you