Quote:
Originally Posted by retiredguy123
Not true. The interest portion of your bond payment is not deductible. It is a non-ad valorem payment, not based on the specific value of your house, not the same as mortgage interest, and it is not deductible. It is also why the county provides a separate accounting on your tax bill for ad valorem and non-ad valorem payments. The bond interest is included in the non-ad valorem section of the tax bill. This is the IRS and the TurboTax interpretation of the Federal tax laws. But, you can deduct anything you want as long as you don't get audited.
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You are partially correct - However what everyone misses here is that it IS deductible if your property is a rental. There is some dispute if you take this as depreciation or as a yearly expense even then. 
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