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01-05-2009, 06:59 PM
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#1 |
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Registered User
Join Date: Feb 2008
Posts: 23
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sale of land
in 1986 i bought some land for 18,000.00. in 2008, i sold the land for 26,000.00. i paid interest to the person i bought the land from at around 10 percent. is this reported on schedule D? and is the interest deductable in any way? thanks for your help.
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01-17-2009, 03:08 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Sissa51,
What you have is investement interest expense. Investment Interest expense deduction is figured on form 4952, Investment Interest Expense Deduction. The form and it's instructions may be all you need. See IRS Pub 550, Investment Income and Expenses, starting about page 31 you will find a title, "Interest Expenses" for more information. |
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