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Originally Posted by rccooper22
Is the 6% on the bond tax deductible?
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If a large entity does not issue you a Form 1098 on interest paid to it the interest is likely not deductible on Schedule A as an itemized deduction. IRS computers match up 1098s and 1099s on interest earned with what is reported on tax returns to assure accuracy and compliance. Of course as previously posted bond interest is likely deductible on a home held for rental as an expense.
"Form 1098. The standard Form 1098 is the "Mortgage Interest Statement," which comes from the company that services your mortgage loan. Mortgage interest on first and second homes is generally deductible for taxpayers who itemize their deductions."
from Guide to 1098 Tax Forms - TurboTax Tax Tips & Videos
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Last edited by manaboutown; 12-26-2020 at 04:26 PM.
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