Our tax code is pretty much based on the honor system. You can talk to as many tax professionals as you want but the bond interest is not legally deductible. If you are deducting it, you should hope that you don't get randomly audited. The chances of a random audit are slim. If you want to legally deduct it, take out a home equity loan and pay off the bond and then deduct the interest on the home equity loan.
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Originally Posted by dewilson58
TALK TO A TAX EXPERT...............not Villagers.
Different tax professionals take different positions and they can tell you how aggressive each position is.
I'm quite happy with the aggressive position I have taken.
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