Quote:
Originally Posted by KeepingItReal
Maybe I misunderstood but I thought we were trying to find out with certainity if it is legal according to existing tax laws to deduct bond and or bond interest. If we are only trying to decide if taking it as a deduction will trigger an audit then that would be another topic. I accept from the many times it has been discussed that it is not allowed. Just because no one has been audited definitely does not ensure they will not be and the IRS can go at it with a vengance if they suspect something was done intentionally.
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You are absolutely right - it is not a sure thing - but, there is enough grey around the edges to not keep you up at night. I think the crux of the thread is "can I deduct it?" I asked the question a great deal myself...I think it is a close issue of law...it's possibly not OK...and given the reality of tons of folks running clear cut tax avoidance scams going plus the decimation of IRS auditors (kinda counter-intuitive for a country running a large debt) - it's not worth worrying about. Heck, for many folks in TV - we are talking about an interest deduction of less than $500/yr. And for those folks in the Premier homes...you probably have bigger red flags connected with your returns than the interest deduction.