Thread: Interest portion of bond payment tax deductible?
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Old 10-16-2012, 08:09 AM
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keithwand keithwand is offline
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Quote:
Originally Posted by Geewiz View Post
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.
HUH?
Why would a premier home have bigger red flags than another home?
I wasn't aware the IRS checked square footage now.