Bond , is it tax deductible?
I know this subject has probably been discussed before, but I want to hear from fellow TVer's about this topic, only from those of you who have had their 1040's done by professionals (CPAs, etc.) and thereby hopefully have the definitive answer.
The issue: The annual TV home bond payment consists of 2 parts, the actual bond, and the maintenance on the bond. Are either, or both parts of this payment deductible on your Federal income tax forms, - similar to your property taxes? I have dozens of neighbors who are directly opposite on this issue. If the answer is "No" to both parts of the bond payment, then ignore my follow-up questions:
A) If one or both parts of the bond payment are tax deductible, then on what tax schedule and under what subject line? Is it on the same schedule as the property tax deduction?
B) If the bond payment is tax deductible, what do I do if I paid off the bond in full in 2013 (the annual maintenance payment on the bond will still continue)? Can I deduct in one lump sum?
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