Posted by River City on November 14, 2005 at 07:13:58:
Jimmy,
I email the IRS with questions frequently and they always answer me along with the publication number (and a link to the publication) that I need to use as a reference. They will even point out the page I need to go to in the publication. The only problems I have ever had with them is if I have “technical” questions.
Credit Card Interest Deductable? - Posted by Will
Posted by Will on November 08, 2005 at 18:54:38:
I’m aware of the tax benefits of mortgage interest, however I’d like to know if the interest of credit cards used for my rentals is deducatable under the current tax code?
Re: Credit Card Interest Deductable? - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on November 09, 2005 at 16:04:54:
Interest expense related to a trade or business is deductible. Keep good records.
Ask the IRS - Posted by river city
Posted by river city on November 09, 2005 at 13:04:51:
Go to the IRS’s website and send them an email. Ask them which publication clarifies this information for you. You can print all IRS publications from their website.
Re: Credit Card Interest Deductable? - Posted by John K Haslach, CPA, MST
Posted by John K Haslach, CPA, MST on November 10, 2005 at 14:51:58:
Of course, if you are doing improvements, the interest expense will have to be capitalized into the cost of the improvement.
NEVER ASK THE IRS - Posted by Jimmy
Posted by Jimmy on November 11, 2005 at 07:08:48:
been a practicing tax lawyer for 20 years. NEVER ask the IRS for tax advise. very few people at the IRS have any understanding of tax law. You have to get many, many many levels up to find the skilled people, and they do not deal with public inquiries about tax law.
John H nailed the answer, by the way.