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C
CS57_2
Level 2
December 7, 2019
Solved

My client has a mortgage on vacant land. Is that interest regarded as investment interest and thus only deductible to the amount of rental income?

  • December 7, 2019
  • 2 replies
  • 17 views
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Best answer by sjrcpa

Investment interest is deductible to the extent of investment income. i don't think rent counts as investment income.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Investment interest is deductible to the extent of investment income. i don't think rent counts as investment income.

The more I know the more I don’t know.
itonewbie
itonewbie
Level 15
December 7, 2019
I though the OP meant it could be deducted if that piece of land was rented out but agree with you in that context.
---------------------------------------------------------------------------------Still an AllStar
itonewbie
itonewbie
Level 15
December 7, 2019

Yes but your client may elect to capitalize that as part of the carrying charges under §266.

---------------------------------------------------------------------------------Still an AllStar
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