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Posted by MDinDestin on February 23, 2008, 9:48 am
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I purchased an inexpensive unimproved city lot in another town for
cash.
My hope was to be able to deduct mileage and lot maintenance expenses
associated with the management of the parcel on my personal taxes.
IRS Publication 550 appears to list the rules for investments of this
type and indicates I can NOT dedcut expenses unless they exceed 2% of
my adjusted gross income - which they don't. Am I analyzing this
correctly?
I'm assuming I can at least deduct the real estate taxes regardless.
Is that correct?
I itemize since I have other property that generates a loss for tax
purposes.
MD
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Posted by Bill Brown on February 24, 2008, 9:37 am
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> ...
> I'm assuming I can at least deduct the real estate taxes regardless.
> Is that correct?
>
Yes. Real estate taxes are deductible in the taxes section of Schedule
A.
> I itemize since I have other property that generates a loss for tax
> purposes.
>
Huh?
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Harlan Lunsford on February 24, 2008, 4:16 pm
Please log in for more thread options MDinDestin wrote:
(snipped....)
>
> I itemize since I have other property that generates a loss for tax
> purposes.
Could you perhaps expand on this? What type of expenses generate the
loss and how are they reported?
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Stuart Bronstein on February 25, 2008, 3:33 pm
Please log in for more thread options > MDinDestin wrote:
>
>>
>> I itemize since I have other property that generates a loss for tax
>> purposes.
>
> Could you perhaps expand on this? What type of expenses generate the
> loss and how are they reported?
If it's investment property, can he deduct mortgage interest?
Stu
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Harlan Lunsford on February 25, 2008, 6:49 pm
Please log in for more thread options Stuart Bronstein wrote:
>> MDinDestin wrote:
>>
>>> I itemize since I have other property that generates a loss for tax
>>> purposes.
>> Could you perhaps expand on this? What type of expenses generate the
>> loss and how are they reported?
>
> If it's investment property, can he deduct mortgage interest?
A rhetorical question, eh Stu?
If this mortgage interest is investment interest and he has sufficient
investment type income, then yes, to the extent of that income.
(grin)
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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