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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Get yourself a new accountant... Posted by Ward-CA- on April 09, 2004 at 9:10 AM In Reply to: deducting interest posted by g.castro on April 08, 2004 at 9:50 AM : Ward, my accountant, told me that since I took over the payment on somebodys loan (subject to), that I don't get to deduct the interest on the 6 months of payments that I had to make to the bank. How would I need to handle this in the future so that I can dedect it from my profit? ================== Gonzalo, I think your "accountant" is a pretender, because a real accountant would know that IRS insists that the person who is making the interest payments is the only person entitled to take the applicable tax deduction! While you're getting a new accountant get one who specializes in real estate accounting. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, my accountant, told me that since I took over the payment on somebodys loan (subject to), that I don't get to deduct the interest on the 6 months of payments that I had to make to the bank. How would I need to handle this in the future so that I can dedect it from my profit? : ================== : Gonzalo, : I think your "accountant" is a pretender, because a real accountant would know that IRS insists that the person who is making the interest payments is the only person entitled to take the applicable tax deduction! : While you're getting a new accountant get one who specializes in real estate accounting. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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