Harlan Lunsford <hnslunsford[at]bellsouth.net> wrote:
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Well, I'm a rhetorical kind of guy.

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Smile when you say that, Pilgrim.

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Thanks.

Stu

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Stuart Bronstein wrote:
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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

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Harlan Lunsford <hnslunsford[at]bellsouth.net> wrote:
- quote -

If it's investment property, can he deduct mortgage interest?

Stu

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MDinDestin wrote:

(snipped....)
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Could you perhaps expand on this? What type of expenses generate the
loss and how are they reported?

ChEAr$,
Harlan Lunsford, EA n LA

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On Feb 23, 9:48*am, MDinDestin <mdindes...[at]hotmail.com> wrote:

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Yes. Real estate taxes are deductible in the taxes section of Schedule
A.

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Huh?

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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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