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Is investment interest deductible in year it's charged or year it's paid?
I invested the proceeds of a promissory note and now intend to deduct the interest expense as investment interest. I accrued interest for a few months in 2019 but I didn't start paying any of it until 2020. Is the interest tax deductible when it is accrued or when it is paid? Thank you.
‎September 27, 2021
12:13 PM