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Posted by Harlan Lunsford on July 18, 2007, 5:11 am
Please log in for more thread options L K Williams wrote:
>>> We live in VA, however have a 2nd home in SC. Our CPA will
>>> not allow us to deduct the interest paid on the home in SC
>>> agents our personal income in the area of federal taxes.
>>>
>>> He tells us that we can only apply it to the home itself,
>>> and acquire the deductions when we sell it.
>>>
>>> I find this odd, especially when I can write-off my first
>>> home, as well as the other lot that I own next to our first
>>> home lot (that lot was acquired after the 2nd home), however
>>> my 2nd home can not be applied to my income to help reduce
>>> taxes which is why I bought it in the first place.
>>>
>>> We have this feeling that our CPA is wrong, because we have
>>> found things in the past that we could write-off and he did
>>> not know about it or something.
>> Can CPAs be sued for malpractice? Run, don't walk, away
>> from this idiot and find a tax accountant who knows what
>> he/she is talking about!
> Whoa!! Hold on! What's wrong with the CPA's advice? If
> you read the OP statement carefully, you will see that this
> house may not the second home but the third! OP is already
> deducting interest on two properties. We need more facts to
> be able to tell what is going on here but the position of
> the CPA is not, on the surface, outrageous.
The third? he said the SC house was the 2nd home (personal
residence), and I see why, since he's paying interest also
on a lot next door to his primary residence. It would
appear that that lot does not have a house on it and has
been amalgamated with the land on which the primary sets.
However if that lot is not part and parcel at this time of
the primary lot and home, it might be investment property,
right?
ChEAr$,
Harlan
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