Best Tax Software

US Auctions Australian Auctions Austrian Auctions Belgian Auctions Canadian Auctions French Auctions German Auctions Indian Auctions Irish Auctions Italian Auctions Dutch Auctions Spanish Auctions Swiss Auctions UK Auctions

Best Match Time: ending soonest Time: newly listed Price: lowest first Price: highest first Price + Shipping: lowest first Price + Shipping: highest first

No items matching your keywords were found.

income tax schedule 2009

Where do I report income tax earned from interest on a note where the funds for the note were from a mortgage?.

We mortgaged bare land to get funds for an interest bearing note. The note provided income in 2009. Do I report it as passive real estate income on Schedule E part I? Can I write off my expenses for the mortgage, insurance and etc on the lot as necessary for the collateral for the note? If not how do I report the income and mortgage interest? I took out a line of credit for another note paying interest, how do I report that interest?

Do I report it as passive real estate income on Schedule E part I?

No, since the interest income did not come from rents or royalties. Your interest income is reported on Schedule B.

Can I write off my expenses for the mortgage, insurance and etc on the lot as necessary for the collateral for the note?

No. This is personal interest and is not deductible. Other costs for the land are not deductible, with the exception of property tax. Property tax is deductible on Schedule A under real estate tax.

If not how do I report the income and mortgage interest?

Interest income is reported on Schedule B. Mortgage interest is not deductible.

I took out a line of credit for another note paying interest, how do I report that interest?

Schedule B.

If you purchased the land as an investment, the interest on the loan taken out for the purchase could be considered investment interest. Investment interest can be deducted to the extent of investment gains which are not dividends and interest. This does not apply to you, since you mortgaged land you already owned, and the income from the proceeds of the loan do not qualify as investment gains for which you can subtract investment expenses.

US Auctions Australian Auctions Austrian Auctions Belgian Auctions Canadian Auctions French Auctions German Auctions Indian Auctions Irish Auctions Italian Auctions Dutch Auctions Spanish Auctions Swiss Auctions UK Auctions

Best Match Time: ending soonest Time: newly listed Price: lowest first Price: highest first Price + Shipping: lowest first Price + Shipping: highest first

No items matching your keywords were found.

	Capital Gains, Minimal Taxes 2009: The Essential Guide For Investors And Traders
	Description If you buy or sell stocks, mutual funds or options, you need to handle your taxes like a pro. This book makes it easy to understand the rules and the best strategies for minimizing taxes. It starts with the basics but goes on to provide a plain language explanation of rules for short sales and other advanced techniques, and covers the special rules that apply to traders...

	TurboTax Deluxe Federal + E-file + State 2011 List Price: $59.95
	Description TurboTax Deluxe 2011 - Federal & State + E-File is ideal for maximizing deductions and saving more on taxes - and is easy for first time users. This software includes everything you need to do your taxes with ease, finding all the tax deductions and credits you deserve so that you get your biggest refund...

	TurboTax Business Federal + E-file 2011 List Price: $129.95
	Description This software is perfect for business-minded consumers as it comes with a step-by-step guide for accurate taxing, calculations and deductions. The Intuit TurboTax Business Tax Preparation Software’s flexible industry settings manage tax processes for a number of American corporations and partnerships...

	H&R Block At Home Deluxe 2011 Win [Download] List Price: $34.99
	Description Guidance for all your personal tax situations. Federal forms. Step-by-step interviews guide you through a customized experience relevant to your tax situation. Everything you need to prepare your federal taxes in one complete program.

Gallatin County Video NEWS 5/16/2009